Healthcare has been, and continues to be the fastest-growing job market in Akron and Northeast Ohio. All together, the region's institutions conduct $500 million annually in healthcare research. Due in no small part to the research and clinical strengths, and a broad existing biomedical industry, Northeast Ohio has become a major center of healthcare innovation and commercialization:
Over the past five years, the region has seen significant increases in all measures of healthcare innovation: investment dollars, grant funding, number of start-ups, licensing revenues and technology deals.
The region's innovation network and venture firms have attracted the attention of national investors, strategic firms and investment banks. We are now recognized as a leading region for growing biomedical companies.
Ohio is among the top five states nationally for the number of healthcare venture capital firms, and No. 1 between the coasts.
Since 2003, more than $1.2 billion has been invested in Northeast Ohio healthcare companies.
The rapid expansion of the region's biomedical sector is the result of the concerted and collaborative efforts of many in the region. The Austen BioInnovation Institute in Akron is part of a wide-ranging and sustained effort of regional leaders--institutional and business, entrepreneurial, philanthropic and government--who have committed to making Northeast Ohio a nationally recognized center for healthcare innovation.