+Overview
Why Northeast Ohio
The biomedical medical industry is a driving force in Cleveland+. Today, the region is home to 600+ biomedical businesses with over 230,000 health care and bioscience workers. Biomedical businesses have attracted $975 million+ in new investment since 2003, and the region’s biomedical industry has grown by 34% in the same period.
Cleveland+ is home to world-class, nationally ranked medical institutions, including Cleveland Clinic, University Hospitals, and Summa health System – all recognized for providing exceptional patient care and conducting leading-edge clinical research.
The rapid growth of the biomedical industry in Cleveland+ is fueled by innovative regional collaborations, a diverse range of sources for funding companies, and major biomedical real estate projects:
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BIOMEDICAL ENGINES OF INNOVATION,: Cleveland+ leaders, research and clinical institutions, venture capital, commercialization and talent development programs collaborate on major biomedical initiatives in the region, including: BioEnterprise Corporation and the Austen BioInnovation Institute in Akron.
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DIVERSE BIOMEDICAL FUNDING SOURCES: Northeast Ohio’s innovation network has generated a nationally recognized biomedical start-up environment, with companies and product lines acquired by such firms as Medtronic, Integra, GE Healthcare, St. Jude Medical and Greatbatch. Biomedical companies looking to fund and grow their business in Cleveland+ can access a large number of area investors, including: Cleveland+ seed funds, angel funds and networks, and venture capital and growth equity funds.
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BIOMEDICAL REAL ESTATE DEVELOPMENT: Three major projects are transforming Cleveland+ into a globally competitive location for attracting and growing biomedical companies: the Cleveland Health-Tech Corridor; Akron Biomedical Corridor; and Cleveland Medical Mart and Convention Center. The Medical Mart will be one of the only facilities in the nation targeted specially to the medical and health care industries, housing 120,000 sq. ft. of permanent showrooms for major medical manufacturers and service providers.