Business Facilities Magazine Ranks Ohio 4th in Nation for Bioscience Strength COLUMBUS, Ohio, July 30
COLUMBUS, Ohio, July 30 /PRNewswire/ -- Ohio ranks best in the Midwest and
4th in the nation for its strengths in the bioscience industry according to a
new report released by Business Facilities Magazine. The report ranks states
based on their number of bioscience facilities, R&D funding, venture capital
investments, employment, bioscience-targeted tax exemptions, university grant
funding and higher education degrees.
(LOGO: http://www.newscom.com/cgi-bin/prnh/20071107/CLW113LOGO )
According to the Ohio Business Development Coalition, the nonprofit
organization that markets the state for capital investment, the report
reinforces Ohio's standing as a national leader in the bioscience industry.
"Ohio has created an ideal environment for establishing and growing a
bioscience business," said Tony Dennis, president and CEO of BioOhio, a non-
profit organization designed to build and accelerate bioscience industry,
research and education in Ohio. For businesses, the benefit is a critical mass
of like-minded bio-businesses and research universities, and a highly
qualified workforce. For executives, the state's vast educational and
recreational opportunities make Ohio particularly attractive both
professionally and personally."
The report's authors concluded, "every state that placed in the top 10 of
this year's ranking should be considered a biotechnology leader."
As of December 2007, Ohio's total bioscience entities grew to at least
818. Capital investments, which topped $1 billion in 2006 alone, accelerated
Ohio's bioscience growth by nearly $100 million, or eight percent, compared to
2005.
Based on the color model established by European bioscience leaders,
Ohio's strength in the Red (health), Green (agriculture) and White
(industrial) bioscience industry sectors stimulates innovation, promotes
cross-collaboration and provides cost-effective solutions to scientific
challenges.
One of the most significant initiatives supporting Ohio's bioscience
industry is the state's Third Frontier Project, a 10-year, $1.6 billion
initiative to help catalyze connections between companies and academia. The
project is the state's largest-ever commitment to expanding high-tech research
capabilities and promoting innovation and company formation that will create
high-paying jobs for generations to come.
Between January 2002 and June 2007, $637 million of Ohio's Third Frontier
Project funds had been competitively awarded, of which 55 percent supported
bioscience-related development and commercialization initiatives. According to
the Ohio Department of Development, this state investment has led to an
additional $2.7 billion in cost share and leveraged co-investment into Ohio
while creating or retaining 4,850 jobs.
"Business leaders are realizing how, in Ohio, they're able to find a
perfect balance between successfully growing a business and still enjoying
life," said Ed Burghard, executive director of the Ohio Business Development
Coalition. "Business owners profit from the bottom-line benefits of better
work-life balance for their employees. Ohio offers low-cost, low stress
communities in a combination of micropolitan and metropolitan cities. This
diversity provides executives and employees the resources and time to make any
ambition achievable. Ohio truly is the state of perfect balance."
About the Ohio Business Development Coalition
The Ohio Business Development Coalition (OBDC) is a nonprofit organization
that markets the state for capital investment. The OBDC provides marketing
strategy and implementation to support Ohio's economic development efforts.
For more information on business development or business relocation, visit
www.ohiomeansbusiness.com .
To view the complete report, visit
www.businessfacilities.com/bf_08_07_cover.php .
Media Contact: Dace de la Foret
Paul Werth Associates
614-224-8114, ext. 235
delaforet@paulwerth.com
SOURCE Ohio Business Development Coalition
