International Leader in the Cutting-edge Bioscience Industry
Original posting at OhioMeansBusiness.com
By: Kristi Tanner, Brand Manager, Ohio Business Development Coalition
With more than $2.5 billion in funding and over 1,100 bioscience entities in operation throughout the state, Ohio is establishing an international leadership role in the cutting-edge bioscience industry. Ohio’s strength in biotech is broad and deep, with an emphasis on research, development and marketing of pharmaceuticals, diagnostics, bioinformatics, medical devices, medical equipment and other health-related products. Bioscience companies represent not only the next wave for the global economy, but also opportunity for dramatic advances in the human experience.
Ohio welcomed 41 bioscience organizations in 2008 and 60 in 2007 by way of new company launches or companies establishing their first facility in the state. Many of these additions are companies that migrated to Ohio from other states or other countries—such as Israel, Japan and Australia. Further evidence of Ohio’s strength in the bioscience arena is their recent ranking of fourth among the states and best in the Midwest in overall biotech strength by Business Facilities Magazine’s recently released 2008 Biotechnology Strength Report.
Part of the explosion of growth in Ohio’s bioscience community can be attributed to the availability of capital in the industry. Ohio’s venture development community is increasing its support of technology company formations as a result of several key public and private initiatives launched over the last several years in angel, seed and early-stage venture funds. The result is more capital investment and increased business growth across the spectrum. According to the Midwest Health Care Venture Investment Report, Ohio healthcare-related companies attracted $296 million in 2007. And overall, venture capital investment was up 50% in Ohio in 2008, while it declined nationwide.
Ohio also provides critical support services and a collaborative environment between researchers, institutions and technology business throughout the entire spectrum of bioscience development. From early research to full commercialization, from diagnostic to therapeutic, from pharmaceutical to medical devices, and from agricultural biotech to advanced materials, Ohio’s bioscience entities build partnerships and clusters of innovation that lead to new products and technologies.
Based on the color model established by European bioscience leaders, Ohio’s strength in the Red (health), Green (agriculture) and White (industrial) bioscience industry sectors stimulates innovation, promotes cross-collaboration and provides cost-effective solutions to scientific challenges. The concentration of these three industries in Ohio allows companies and researchers to work side-by-side on solutions and explore product applications in multiple disciplines.
Ohio's superior medical system also helps explain the state's emerging dominance in the bioscience field. In U.S. News & World Report's 2008 "America's Best Hospitals" list, 14 Ohio hospitals were ranked among the nation's top 220 hospitals in a variety of specialties, ranking Ohio among the top 5 states. The 2008 U.S. News & World Report "America's Best Children's Hospitals" rankings show that 4 of the top 15 pediatric hospitals are in Ohio—Cincinnati Children's Hospital Medical Center (3rd), University Hospital's Rainbow Babies & Children's Hospital in Cleveland (5th), Children's Hospital Cleveland Clinic (14th) and Nationwide Children's in Columbus (15th). Due in part to its strong clinical network and medical reputation, Ohio hosted 16 percent of all clinical trials conducted in the U.S.
If capital, collaboration, a superior medical community and critical support services are the ingredients for success, then the cooks in the kitchen are the Ohio Third Frontier, BioOhio and the many biotech researchers, businesses and entrepreneurial leaders in the state. Key investments growing over time have helped to build the industry to what it is today. For businesses, the benefit is a critical mass of like-minded bio-businesses and research universities, and a highly qualified workforce. For executives, the state’s vast educational and recreational opportunities make Ohio particularly attractive both professionally and personally. Their continued dedication will certainly improve the lives of all Ohioans for years to come.