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

in highly competitive, National Institutes of Health research funding awarded to the state in 2007.

-- Medical school graduates who remain within the state after graduation to practice medicine represent an additional impact of nearly $700 million annually.

"Mission-driven medicine is a win-win for Ohio," adds Stern. "This report demonstrates that our patient care, teaching and research missions have a significant impact on commerce, investment, taxes and employment in the state."

The report calculates the combined economic impact of businesses such as retail, tourism, service and manufacturing that benefit from the direct expenditures of the institutions and their staff on goods and services. In addition, Ohio businesses also benefit from spending generated by hospital patients, medical students and visitors as these "indirect" expenditures are re-circulated in the economy.

Founded in 1993, the Ohio Council of Medical Deans represents Ohio's seven medical colleges and teaching hospitals including Case Western Reserve University School of Medicine, University of Cincinnati College of Medicine, Northeastern Ohio Universities Colleges of Medicine and Pharmacy, Ohio University College of Osteopathic Medicine, The Ohio State University College of Medicine, The University of Toledo College of Medicine and Wright State University Boonshoft School of Medicine.

The report was produced by Tripp Umbach, which has conducted economic impact studies for hundreds of health care institutions and medical colleges throughout the country.

To learn more about the economic impact of Ohio's academic medical centers visit http://www.medicinemeansbusiness.org .

Contact: 614-221-2885, Stephanie Tresso x15, Kathleen Murphy x16


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SOURCE Ohio Council of Medical Deans
Copyright©2008 PR Newswire.
All rights reserved

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