Ohio Accelerates Bioscience Business Growth, Attracts Global Companies
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As of December 2007, Ohio's total bioscience entities grew to at least818. Capital investments, which topped $1 billion in 2006 alone, acceleratedOhio's bioscience growth by nearly $100 million, or eight percent, compared to2005.
"What makes Ohio so attractive for bioscience business is its uniqueability to offer expertise, collaboration and support throughout the entirespectrum of bioscience development," said Ed Burghard, executive director ofthe Ohio Business Development Coalition. "From early research to fullcommercialization, from diagnostic to therapeutic, from pharmaceutical tomedical devices, and from agricultural biotech to advanced materials, Ohio'sbioscience entities reflect extraordinary range."
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, promotescross-collaboration and provides cost-effective solutions to scientificchallenges.
"Ohio has created an ideal environment for establishing and growing abioscience business," said Tony Dennis, president and CEO of BioOhio, a non-profit organization designed to build and accelerate bioscience industry,research and education in Ohio. For businesses, the benefit is a critical massof like-minded bio-businesses and research universities, and a highlyqualified workforce. For executives, the state's vast educational andrecreational opportunities make Ohio particularly attractive bothprofessionally and personally."
Ohio has attracted new organizations from five states (Delaware, Georgia,Massachusetts, Michigan and Missouri) and three foreign countries (Germany,Russia and Switzerland).
Some examples include, Activaero America, which established its U.S. baseof operations for research, manufacturing and distribution of its pulmonaryand drug delivery inhalation technologies in central Ohio. In southwest Ohio,AssureRx is integrating technology from Cincinnati Children's Hospital MedicalCenter and the Mayo Clinic. At Cardioinsight Technologies in northeast Ohio, aconsortium of investors, researchers and clinicians are breathing life into amedical device company that enables noninvasive mapping of cardiac electricalactivity, providing a previously unavailable diagnostic tool.
One of the most significant initiatives supporting Ohio's bioscienceindustry is the state's Third Frontier Project, a 10-year, $1.6 billioninitiative to help catalyze connections between companies and academia. Theproject is the state's largest-ever commitment to expanding high-tech researchcapabilities and promoting innovation and company formation that will createhigh-paying jobs for generations to come.
Between January 2002 and June 2007, $637 million of Ohio's Third FrontierProject funds had been competitively awarded, of which 55 percent supportedbioscience-related development and commercialization initiatives. According tothe Ohio Department of Development, this state investment has led to anadditional $2.7 billion in cost share and leveraged co-investment into Ohiowhile creating or retaining 4,850 jobs.
"Business leaders are realizing how, in Ohio, they're able to find aperfect balance between successfully growing a business and still enjoyinglife," said Ed Burghard, executive director of the Ohio Business DevelopmentCoalition. "Busines
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