Central Ohio Bioscience Industry Shows Consistent Growth Across Economic Indicators

According to the Ohio Business Development Coalition (OBDC), Central Ohio possesses the key attributes necessary to create an environment conducive to the growth of the bioscience industry.  OBDC, in a release this week, says that bioscience companies require an ideal environment that combines a business-friendly climate, industry expertise and collaboration, a well-educated workforce, dedicated universities and research institutions and a strong supply chain – all attributes found in Central Ohio as evidenced by the region’s performance in the bioscience industry over the last decade. 

BioOhio’s 2010 Bioscience Industry Growth Report showed that Central Ohio’s bioscience sector experienced consistent growth across all economic measures studied from 2000-2009.  In particular, Central Ohio consistently showed the highest growth rate of all regions in terms of bioscience payroll and the number of locations on average.  

The report studied the industry according to five key metrics: employment, output (the total value of goods and services produced as a result of the industry), value added (the value of goods and services less the intermediary goods; a portion of output), labor income and taxes.  

In 2009, the bioscience industry in Central Ohio accounted for 42,176 jobs and $12.9 billion in output.  In addition, the industry generated another $3.5 billion in value added revenue, $1.7 billion in labor income and $728 million in taxes.

The strongest subsectors in the region included research and development, and pharmaceuticals and therapeutics.  Together these two subsectors made up 53 percent of Central Ohio’s bioscience employment.

For more details on the significance of bioscience in Central Ohio, see the 2010 Ohio Bioscience Industry Growth Report from BioOhio.

Read the release from OBDC.