Ohio’s Rapid Growth in Medical Device Innovation

Medical Device & Diagnostic Industry (MD+DI), a monthly magazine written exclusively for original equipment manufacturers of medical devices and in vitro diagnostic products, recently recognized Ohio's global leadership in medical device innovation.

Ohio is home to more than 300 medical device companies -- and nearly 55% of the state’s 1,628 bioscience firms are medical device manufacturers, medical labs, or diagnostics imaging centers, according to data in nonprofit group BioOhio’s 2009 bioscience growth report. In 2008, these combined subsectors employed 24,665 people, reported MD+DI.

Medical devices represent just one sector of Ohio's leading bioscience and bioproducts industry -- which includes research, development and marketing of pharmaceuticals, diagnostics, bioinformatics, bioproduct materials, manufacturing, medical devices, medical equipment, services based on biotechnology, computer systems and software for managing healthcare and other health-related products.

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.

Click here to read the full story about Ohio's growing leadership in medical device innovation from MD+DI.

Ohio Attracts Colorado Biomedical Company

Colorado biomedical company, Lanx Inc., has chosen Ohio as the location to launch its Lumbar Motion Monitor Commercialization project. The company, which chose Ohio over other Midwest states, said the state's biomedical industry and support from programs like Ohio Third Frontier were key to the decision.

"Ohio is an attractive location for the Lanx Diagnostic division because of its existing strengths in the biomedical industry and resources such as Ohio Third Frontier and TechColumbus," said Stuart Born, Director, Lanx Diagnostic. "These benefits coupled with the close proximity to our collaborators, allow us to further develop an important innovative new tool that will essentially help surgeons and other clinicians further optimize patient care."

According to the 2009 "Making an Impact" report conducted by SRI, Ohio Third Frontier's strategies for investing in Ohio's high-tech clusters contain all the elements associated with global best practices in technology cluster development, and indicate that these investments are already generating positive economic outcomes for Ohio's economy in terms of growth in technology sector employment, output and wages. Since its inception, the Ohio Third Frontier has created, capitalized or attracted more than 600 companies, has created nearly 55,000 direct and indirect jobs and helped create $6.6 billion in economic impact in Ohio, a 9:1 return on investment.

Click here to read more about why Lanx chose Ohio.

Industry Expert’s Perspective on Ohio’s Bioscience Industry

Ohio is quickly becoming a leader in new economy industries, and there's no better example than what's happening in the bioscience industry. Ohio has emerged as best in the Midwest and No. 4 in the nation according to Business Facilities Magazine for its strengths in the bioscience industry, with more than 1,141 bio-related entities operating in the state in 2008. Each year, an average of 60 to 70 new firms pop up here, drawn by the state's business climate, entrepreneurial resources and strength in the bioscience industry.

According to BioOhio, a non-profit organization that helps develop and promote the industry, the overall bioscience community now accounts for nearly 1.4 million jobs in Ohio - about one in every four. hiVelocityMedia.com recently spoke with Tony Dennis, BioOhio's president and chief executive officer, to find out what's behind the growth in the bioscience industry.

Click here to read hiVelocityMedia.com’s interview with Tony Dennis about Ohio’s leadership in the bioscience industry.

Bioscience Companies are Buzzing about Ohio

With more than $1 billion in funding and 818 bioscience entities in operation throughout the state, Ohio is establishing an international leadership role in the cutting-edge bioscience industry.

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. More than $154 million in public funding also supported large-scale, world-class Ohio bioscience R&D through several Ohio Third Frontier Biomedical Partnerships in Cleveland, Columbus and Cincinnati.

I recently spoke with Tony Dennis, president and CEO of BioOhio, a non-profit organization designed to build and accelerate bioscience industry, research and education in Ohio. Dennis believes that Ohio has created an ideal environment for establishing and growing a bioscience business. He says the benefit is a critical mass of like-minded bio-businesses and research universities, a highly qualified workforce, and Ohio's vast educational and recreational opportunities that make it particularly attractive both professionally and personally.

Click here to view my conversation with Tony Dennis.

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Preferred Destination for Bioscience

Bioscience is one of Ohio's leading industries. Funding for research, company formation and company expansion in the industry continues to rise from dedication from organizations like the Ohio Third Frontier Project. State efforts to establish Ohio as a preferred destination for bioscience academia and industry have attracted nearly 50 new or related businesses in 2007 alone.

This complex field centers 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.

In speaking with Dr. Amol Soin, he shared with me why he returned to Ohio after medical school and residency to form the Ohio Pain Clinic. It was more than the state’s dedication to the industry, but a desire to achieve both professional and personal success.

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