COLUMBUS, Ohio, June 16, 2011 /PRNewswire/ -- For a successful bioscience company there are many moving parts that make it great. From research institutions and knowledgeable workforce to suppliers and market access, each of these resources helps bioscience companies bring innovative solutions to today's modern scientific challenges. Yet, leveraging these solutions in a cost-effective manner is a challenge. Costs associated with R&D are high. Complexity in the supply chain can lead to unwanted delivery and solution delays. It is a challenge for bioscience companies to find all the resources in a timely manner to advance scientific discovery.
Bioscience companies require an ideal environment that combines a business-friendly climate, industry expertise and collaboration, a well-educated workforce, dedicated universities and research institutions, and a strong supply chain to get products to market.
"The bioscience industry is Ohio's fastest-growing industry in virtually all ways – capital invested, companies started and jobs created," said Tony Dennis, president and CEO of BioOhio, a nonprofit organization dedicated to accelerating bioscience discovery, innovation and commercialization in Ohio. "Ohio's bioscience ecosystem is healthier than ever and resources are constantly being added or enhanced."
According to the latest industry growth report from BioOhio, Ohio is home to 1,345 bioscience entities in operation throughout the state from Fortune 500 public companies to incubating start-ups. This concentration of bioscience companies is proof of Ohio's commitment to establishing an international leadership role in the bioscience industry to help companies find innovative and cost-effective solutions to scientific challenges.
Ohio's bioscience industry expertise and collaboration, along with an established bioscience supply chain spanning research and development to commercialization, creates the ideal location in the U.S. to establish, grow or expand a bioscience business.
Bioscience innovation doesn't come cheap or easy. New discoveries equal high R&D expenses and bringing the solution to market is another challenge.
Ohio offers bioscience companies unique support to fuel their business forward. The state's supportive business environment and industry collaboration helps bioscience businesses research, develop and commercialize innovative scientific solutions while maximizing ROI.
From 2004 to 2010, Ohio attracted 413 new or relocated companies focused on bioscience and bioproducts – an average of 59 each year. Recent examples include Mammotome, Cleveland HeartLab, Accord Biomaterials, and Nanofiber Solutions. In addition, more than 1,000 other organizations provide supplies and services, creating a rich bioscience supply chain and service system that sustains growth of both new and established businesses.
"Our new headquarters in northwest Ohio strengthens our access to Ohio-based cardiovascular clinical and industry resources," said Kris Aalto, President of Accord Biomaterials, Inc. in Sylvania, Ohio. Accord relocated from Ann Arbor, Michigan to Ohio in 2011.
Bioscience companies located in Ohio benefit from the state's central location supported by a world-class logistics infrastructure to get components and finished goods quickly to their destination anywhere in the U.S. or around the globe. Ohio is within 600 miles of 60 percent of the U.S. and Canadian population and is within a one-day drive of 70 percent of North America's manufacturing capacity.
"Ohio is fortunate to have so many like-minded and energetic economic development partners at the state and local level," shared Dennis. "Because of this committed collaboration, bioscience entrepreneurs are benefiting from sage advance and funding options unavailable in many parts of the country."
Abundant access to capital through private sources and state programs, such as Ohio Third Frontier, has fueled the growth of Ohio's bioscience industry. Overall, more than $2.4 billion was invested in 2010 across Ohio to accelerate bioscience growth.
The state of Ohio's higher education system is committed to meeting the workforce and talent development needs of the bioscience industry with 103 Ohio institutions awarding a bioscience-related degree or certificate. Ohio's bioscience industry has seen a 19.5 percent employment increase in the last decade and directly employs more than 62,500 workers. In addition, BioOhio and its partners received a $5,000,000 grant from the U.S. Department of Labor in March 2010 to implement a jobs training program to help meet the needs of Ohio's growing bioscience industry.
Ohio's robust clinical network and prominent medical reputation make it an ideal testing environment for biomedical innovations. Ohio hosts nearly 17 percent of all clinical trials conducted in the nation.
Ohio's bioscience success is not solely dependent on the strength of its business advantages. Today's bioscience industry leaders have made Ohio a top choice to pursue their personal goals as well.
"It's impossible to achieve work-life balance when commuting takes two to four hours out of each work day, as it easily can in coastal cities and states," said Ed Burghard, executive director of the Ohio Business Development Coalition, the nonprofit organization that markets the state for capital investment. "In Ohio, you have the time and resources to achieve professional success without sacrificing a rich and fulfilling personal life."
About the Ohio Business Development Coalition
The Ohio Business Development Coalition is a nonprofit organization that provides marketing strategy and implementation to support Ohio's economic development efforts. For more information, visit www.ohiomeansbusiness.com.
|SOURCE Ohio Business Development Coalition|
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