© 2021 Cincinnati Public Radio
purple_waveback6.png
Connecting You to a World of Ideas
Play Live Radio
Next Up:
0:00
0:00
Available On Air Stations
Local News

Medpace, Midmark And More Continue To Grow Ohio's Biotech Sector

wcpo_medpace_-_copy.jpg
WCPO
/
Medpace, in Madisonville, is helping Ohio's biotech sector to grow. A new report projects bioscience companies will hire 9,000 employees and invest over $1 billion.

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 Laboratories are 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.