The biomedical industry sector is a rapidly expanding cluster area in Northeast Ohio growing from 300 companies in 2002 to over 700 in 2014. According to BioOhio, an organization that builds and accelerates bioscience industry, research, and education in Ohio, the sector includes companies focused on medical devices & equipment, pharmaceuticals & therapeutics, medical & testing labs, research & development, agricultural biotechnology, and medical product distribution. Those working in the biomedical field earn an average wage of $69,604, and jobs include a wide variety of occupations.
A large part of this growth is due to collaborations among the region’s world-renowned hospitals, its universities and state and venture funders. As a result of this expansion, Cleveland has been able to develop the Global Center for Health Innovation, formerly known as The Medical Mart, as the only center in the world specifically designed to showcase healthcare and biomedical products and innovations.
Additionally, the Health-Tech Corridor powered by world’s first commercial 100 gigabit Fiber Network connects downtown Cleveland, Midtown, the Campus District and University Circle. Within the Corridor are 4 world-class healthcare institutions, 9 business incubators, 4 academic centers and more than 130 high-tech companies.
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