Ohio Best in the Midwest in BiosScience Industry
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COLUMBUS, Ohio, July 30 /PRNewswire/ –
Ohio ranks best in the Midwest and 4th in the nation for its strengths in the bioscience industry according to a new report released by Business Facilities Magazine. The report ranks states based on their number of bioscience facilities, R&D funding, venture capital investments, employment, bioscience-targeted tax exemptions, university grant funding and higher education degrees.
According to the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment, the report reinforces Ohio’s standing as a national leader in the bioscience industry.
“Ohio has created an ideal environment for establishing and growing a bioscience business,” said Tony Dennis, president and CEO of BioOhio, a non- profit organization designed to build and accelerate bioscience industry, research and education in Ohio. For businesses, the benefit is a critical mass of like-minded bio-businesses and research universities, and a highly qualified workforce. For executives, the state’s vast educational and recreational opportunities make Ohio particularly attractive both professionally and personally.”
The report’s authors concluded, “every state that placed in the top 10 of this year’s ranking should be considered a biotechnology leader.” As of December 2007, Ohio’s total bioscience entities grew to at least
818. Capital investments, which topped $1 billion in 2006 alone, accelerated Ohio’s bioscience growth by nearly $100 million, or eight percent, compared to 2005.
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.
One of the most significant initiatives supporting Ohio’s bioscience industry is the state’s Third Frontier Project, a 10-year, $1.6 billion initiative to help catalyze connections between companies and academia. The project is the state’s largest-ever commitment to expanding high-tech research capabilities and promoting innovation and company formation that will create high-paying jobs for generations to come.
Between January 2002 and June 2007, $637 million of Ohio’s Third Frontier Project funds had been competitively awarded, of which 55 percent supported bioscience-related development and commercialization initiatives. According to the Ohio Department of Development, this state investment has
led to an additional $2.7 billion in cost share and leveraged co-investment into Ohio while creating or retaining 4,850 jobs.
“Business leaders are realizing how, in Ohio, they’re able to find a perfect balance between successfully growing a business and still enjoying life,” said Ed Burghard, executive director of the Ohio Business
Development Coalition. “Business owners profit from the bottom-line benefits of better work-life balance for their employees. Ohio offers low-cost, low stress communities in a combination of micropolitan and
metropolitan cities. This diversity provides executives and employees the resources and time to make any ambition achievable. Ohio truly is the state of perfect balance.”
To view the complete report, visit Businessfacilities.com
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