Cleveland continues to be at the forefront of biomedical technology in the country without any sign of slowing down.
The city has quite the history of innovation when it comes to biosciences and medtech. All the way back in the early 1900s, the Elgeln Electric Company developed a full line of x-ray and electrotherapeutic equipment. Then, nearly one hundred years later, the Cleveland Clinic began using robotic surgery technology to remove kidneys through a single incision in the patient’s navel.
Since the turn of the century, Cleveland’s biomedical industry has been on the rise. In 2014, it reported a $5.6 billion revenue, surpassing the pre-recession statistics of $3.5 billion was the second biggest highest in venture capital funding after Minneapolis.
And last year, the CardioInsight EC VUE vest, the first electrocardiographic mapping device, was developed in further progress regarding non-invasive heart imaging. The industry clearly shows no signs of slowing down.
The city is home to the BioEnterprise accelerator that helps bioscience innovators grow. BioEnterprise provides access to venture capital, private equity, and great funding opportunities through privileged networks with world-class research and clinical institutions.
In the past, it has had a hand in accelerating over 350 companies, and helped them raise more than $2 billion worth of new funding. In addition to this, BioEnterprise has also been responsible in expanding or relocating over sixty biomedical companies in Cleveland alone.
But it’s not just local accelerators that have noticed the region’s potential. In recent years, big businesses from all over the country have invested in Cleveland medtech startups. CoverMyMeds, a web-based provider of Prior Authorisation support for physicians and pharmacists, was earlier this year purchased by McKesson for $1.1 billion. Last month, CoverMyMeds announced it was expanding its platform into e-referral to help patients receive the specialty medications they need to live a healthy life.
Furthermore, IBM has announced its intention to invest $11.1 million to house Explorys, a Cleveland Clinic spin-off company it brought in 2015.
As for current innovation in the city, there a several different organisations that dedicate themselves to supporting biotech businesses. The Cleveland Health-Tech Corridor connects biomedical and healthtech companies with the Clinic, University Hospitals, and universities and works with a number of incubators and accelerators throughout the city, including BioEnterprises.
When discussing the potential of the biomedical industry, Jeff Epstein, director of the Health-Tech Corridor said, “[Ohio is] well positioned with the strengths of health care and academic institutions to identify the next trends in technology and position ourselves to capture that opportunity here.”
With its wealth of innovation and support from organisations throughout, Cleveland deserves its reputation as the place for bioscience startups and entrepreneurs. Expect to see further developments emerging from the region in the coming months and years.