COLUMBUS, Ohio--(BUSINESS WIRE)--The Ohio Bioscience Growth Report is published by BioOhio, the state’s bioscience organization, to inform the public on the progress of Ohio’s bioscience industry, research endeavors, and community at large. The report is available to download at BioOhio.com/Ohio.
Ohio’s bioscience industry reflects businesses in six key fields: Agricultural Biotechnology, Medical & Testing Labs, Medical Devices & Equipment, Medical Product Distribution, Pharmaceuticals & Therapeutics, Research & Development. The report also includes critical contributors to the industry: Bioscience Education in Ohio, Healthcare & Life Science IT, Healthcare Providers, and Suppliers & Service Providers. All of these sectors have a common goal, to improve the quality of life for our community.
Over 78,800 employees, the highest on record, work with at least 3,336 bioscience-related organizations, manufacturing products, providing essential services, or researching the next breakthrough at 4,165 facilities in Ohio, generating $5.83 billion of payroll at an average wage of $73,897. Bioscience-related companies are found in 81 of 88 Ohio counties. All six Ohio regions have experienced growth in the bioscience industry and play a role in advancing critical discoveries.
Ohio bioscience firms range from the large and well known such as Abbott, Battelle, Cardinal Health, Ethicon (a Johnson & Johnson company), Midmark, and STERIS, to young and growing companies including Abeona Therapeutics, Enable Injections, and Myonexus Therapeutics.
Bioscience companies continue to expand operations and announce new facilities in the state, with 46 projects announced in 2017, projecting creation of 5,278 jobs and over $632 million in capital investment. Alkermes, CoverMyMeds, Ensemble Health Partners, Medpace, Midmark, Norwood Medical, PharmaForce, Q Laboratories, Quality Electrodynamics, RXQ Compounding, Sterigenics, Updox, West-Ward Pharmaceuticals, and Xellia Pharmaceuticals are all among the many companies that continue to grow in Ohio.
Since 2012, over 490 new bioscience-related firms began operations in Ohio, including Diasome Pharmaceuticals, Kapios Health, SapVax, ScriptDrop, Soin Neuroscience, and Xact Medical. Many existing firms, such as Inogen, Owens and Minor Distribution, Piping Rock Health Products, Pulse Flow Technologies, and RelateCare chose to locate their business in Ohio.
Ohio bioscience companies attracted over $2.7 billion in funding in 2017, from sources including venture capital, exits, angel investment, federal research grants, and state initiatives such as the Ohio Third Frontier.
Bioscience companies announced $526 million in private investment in 2017, the third highest level recorded since BioOhio began tracking deals in 2004. Exit activity in the state remained strong in 2016-17, totaling over $2.4 billion, including significant public offerings from Abeona Therapeutics, Athersys, Medpace, and ViewRay.
Data presented in this report, including tracking of investment, average wages, research funding, expansions, bioscience-related degrees awarded, and new company growth, serve as a gauge of the industry. These figures, however, simply illustrate the mechanisms behind the companies and organizations. The work being done by Ohio’s bioscience community is so much more important than any of these metrics can convey.
Ohioans are curing debilitating pediatric diseases, creating less invasive surgical tools, formulating cleaner and more efficient biofuels, programming highly accurate diagnostic imaging techniques, improving provider processes to reduce patient costs, and personalizing medication delivery for individual patients.
BioOhio sincerely hopes you will join us in celebrating Ohio’s thriving bioscience community. Download the free report for in-depth discussion of these progress indicators and much more.
About BioOhio: BioOhio is a non-profit organization, founded in 1987, that connects and serves Ohio’s bioscience community to drive success in improving global quality of life by providing member-guided services that include networking, advocacy, events, talent, information, and cost savings. BioOhio represents over 300 members that employ over 100,000 Ohioans – from Ohio’s largest employers to emerging start-ups, schools & universities, research institutions, students, and individuals. BioOhio is the state affiliate for global bioscience associations AdvaMed, BIO, MDMA, and PhRMA. Learn more at BioOhio.com.