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Academic Medicine Means Business for Ohio: $37.2 Billion Economic Impact for the State
Date:10/6/2008

COLUMBUS, Ohio, Oct. 6 /PRNewswire/ -- Ohio's academic health care industry contributed $37.2 billion to the state's economy in 2007, an increase of approximately $16.5 billion since 2002, and served as a major job generator, employing one in 12 Ohioans, according to a recent study commissioned by the Ohio Council of Medical Deans.

Quantifying academic medicine's economic impact in areas ranging from tax revenue to job creation, the report underscores the significant role Ohio's seven medical colleges and affiliated teaching hospitals play in spurring growth as the state works to transform its economy.

"Academic medicine is a critical growth engine for the state-spawning biomedical investment, producing jobs, stimulating commerce in related goods and services and generating tax revenue," notes David Stern, MD, chair of the Council, vice president for health affairs at the University of Cincinnati and dean of UC's College of Medicine. "Communities throughout Ohio rely on the state's medical colleges for job creation and attraction of new out-of-state and international investment as well as for high-quality health care."

Among the report's findings:

-- Despite flat or declining state funding, the economic impact of academic medicine has grown from $21 billion in 2002 to $37.2 billion in 2007.

-- For every $1 provided by the state in direct support for Ohio based medical colleges, approximately $10 was returned in tax revenue.

-- Ohio's academic health care industry is one of Ohio's lead generators of employment -- with 425,000 full-time positions, meaning one in every 12 workers in Ohio works directly or indirectly for a medical school or teaching hospital.

-- Ohio ranked sixth in the nation, behind only New York, Pennsylvania, California, Massachusetts and Texas, in terms of the economic impact of its academic health care industry.

-- Ohio's seven medical colleges attracted nearly 66% of the $628 million
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SOURCE Ohio Council of Medical Deans
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