Ohio Ranked 4th in Nation in Biotechnology Strength

In its 2009 Biotechnology Strength Report, Business Facilities Magazine has ranked Ohio fourth in the nation for its advances in the biomedical sector.  Ohio placed ahead of states such as Texas, North Carolina and Kansas which are typically noted for their technology advances. 

The rankings were based on factors including state R&D funding and venture capital investments, concentrated occupational employment in biotech, bioscience-targeted tax exemptions, number of biotech facilities, biotech patents generated, university grant funding, and bioscience higher education degrees.

The report concludes that the biotech sector has cemented its status as a crucial building block for the future growth of the nation’s economy.  “That is certainly true in the State of Ohio,” said Tony Dennis, president and CEO of BioOhio, the state’s bioscience development and membership organization.
“Third Frontier Project investments in innovation and technology, especially in the biosciences, really have catalyzed growth in both public and private sectors of our state’s emerging industries,” says Dennis. 
The 2008 Ohio Bioscience Growth Report published last winter by BioOhio cited more than 1,100 bioscience-related organizations operating in the state, with an average from 2004 to 2008, of 70 new bioscience companies launching within the sate each year.
According to the Midwest Health Care Venture Investment Report, Ohio healthcare-related companies attracted $189 million in follow-on funding in 2008.
For more, see the story from BioOhio.