Medpace, Midmark And More Continue To Grow Ohio's Biotech Sector
The Ohio Bioscience Growth Report, released Monday, says the industry generates billions of dollars for the state and is continuing to grow.
Local companies Alkermes, Medpace, Midmark, and Q Laboratoriesare among dozens of science businesses expanding, according to the latest report from BioOhio. Together they plan to hire more than 9,000 people and make over $1 billion dollars in capital investments.
Ohio's biotech boom is not new. In the last five years almost 400 new bioscience-related firms began operations in Ohio. They include start-ups like Cincinnati's Xact Medical, with fast, intelligent needle delivery,as reported by WVXU.
Other bioscience companies attracted more than $2 billion in funding last year from federal research grants, the Ohio Third Frontier, and venture capital. The 75,000 people who work in Ohio bioscience make an average of $76 thousand a year.
The report says all six Ohio regions have experienced growth in the bioscience industry. Over 75,000 employees work for at least 3,186 bioscience-related organizations, manufacturing products, providing essential services or doing research at 3,994 facilities in Ohio, generating $5.68 billion of payroll at an average wage of $75,640.