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, Northeastern Ohio has become a major center of healthcare innovation and commercialization:

• Over the past five years, the region has seen a significant increase in all measures of healthcare innovation: investment dollars, grant funding, numbers of start-ups, licensing revenues and technology deals.
• Importantly, 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.
• In fact, since 2003, more than $750 million has been invested in Northeastern Ohio healthcare companies.

Today, more than 500 firms that produce goods or provide services into the healthcare industry exist in the region. These include large medical device companies such as Philips Medical, Hitachi, Steris, Invacare, Integra Spine and Greatbatch, and biopharmaceutical firms such as Boehringer Ingelheim (Ben Venue), Ricerca, WIL Laboratories and Affymetrix (USB).

In addition, there is a broad array of smaller firms. Medical device firms represent more than half of the companies, drawing upon the region's strengths in advanced materials and electronics. Health care service companies follow in numbers and then biopharmaceutical-related firms. Together, these firms employ more than 20,000 across the region.

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 Northeastern Ohio a nationally recognized center for healthcare innovation.

Working collaboratively, coordinated and complementary investments have been made in the region's research centers, technology transfer and venture development organizations, venture capital firms and talent development programs.