(a) Recognizing the potential leverage and synergy that can be achieved by collaboration among the public and private entities, it is hereby declared that the University of Memphis, the University of Tennessee Center for the Health Sciences and St. Jude Children's Research Hospital are lead collaborators in the Memphis Research Consortium.

(b) The Memphis Research Consortium, a collaborative venture with other leading research and business entities in Memphis created to promote long-term economic development and job creation, shall explore and develop strategies and plans for establishing and enhancing opportunities for research and development in industries, including public health, medical devices, medical and healthcare, bio-based products and chemical manufacturing, logistics and supply chain, computational and computer sciences and learning technologies and related fields. Such strategies and plans, and the development thereof, may include, but not be limited to, participation by other institutions of higher education, hospitals and other health services providers, organizations engaged in the promotion of public health, medical devices, medical and healthcare, bio-based products and chemical manufacturing, logistics and supply chain, computational and computer sciences, learning technologies, bioscience, and bioengineering and related business and research, as well as industrial and commercial enterprises engaged in business activities related to these areas.

(c) It is further declared to be the legislative intent that the University of Memphis, the University of Tennessee Center for the Health Sciences and other collaborators shall report progress toward developing such strategies and plans to the standing committees on education no later than February 1, 2011.