Bioscience Having Major Impact on Central Ohio
January 23, 2009
ShareThisWith over half the companies receiving awards from TechColumbus’ latest round of funding being medical technology oriented, it’s clear that bioscience is having a tremendous impact on the region. Medical devices are under development within the region to serve a number of clinical and diagnostic purposes ranging from preventing strokes to rapidly prototyping new gene therapies.
A story published in the national trade journal Bio Business cited Columbus as fertile ground for life sciences. The story outlines the region’s many attributes that support the advancement of medical technology innovation. Some of these strengths include the blending of a medical care focus with a close association to OSU, the country’s largest university. The university’s focus on research carries over into the region and this can be demonstrated by the fact that Ohio ranks first nationally in the number of ongoing clinical trials per capita. At any given time, more than 800 registered clinical trials are actively recruiting patients in Ohio.
The TechColumbus support of any number of medical startups was also cited by the article as one of the strengths of the region. The work ethic of the workforce and willingness to collaborate are also seen as key factors. “Whether it’s our universities, our Edison centers, or the private companies, the collaborations are impressive and are attracting attention,” said Lt. Governor Lee Fisher who also serves as the director of the Ohio Department of Development.
Our centralized location (you can reach 64 percent of North America within a day’s drive from Central Ohio) and state tax rates are also seen as strengths of the region. According to an Ernst & Young analysis, Ohio has the lowest state taxes in the Midwest and also provides numerous incentives to businesses to locate here.
As further support of the strength of medical technology in the region, BioOhio last week published its annual Ohio Bioscience Growth Report which indicates that life sciences account for more than 135,000 jobs in Ohio. Approximately 1,140 bioscience companies operate in the state, with 19 percent of these being located in Central Ohio.
“A solid infrastructure and sustained growth will help Ohio’s bioscience industry weather the storm and position it for explosive growth when the economy recovers,” said Tony Dennis, CEO for BioOhio.
For more details on the strength of Central Ohio’s bioscience sector see:
“Midwest City Offers Support for the Biosciences” Bio Business
http://www.biobusinessmag.com/archives/2007/BB_DecJan07-08_Issue.pdf
“Medical Technology Flourishing in Central Ohio” Columbus Dispatch
“Report: Life Sciences Supports 135K Ohio Jobs” Business First
http://columbus.bizjournals.com/columbus/stories/2009/01/12/daily37.html?ana=e_du_pub