WTAM Local News

 

Northern Ohio in the forefront in the biomedical industry

(Cleveland (AP))- Northeast Ohio is quickly becoming known for its biomedical industry.

The region's biomedical industry grew by nearly 60 per cent in the past dozen years.

The industry has created thousands of jobs and has become one of the area's few growth industries.

The Cleveland Plain Dealer reports that the industry in the region recently surpassed pre-recession revenue levels to become a $5.6 billion industry, up from $3.5 billion in 2000.

That's according to an analysis by the regional business attraction agency Team NEO.

The analysis says that biomedical companies now employ about 33,000 people in the 18-county region.  Meanwhile, new startups continue to emerge and attract investment.

Venture capitalists are increasingly investing in the designing and crafting of new medical tools in the Cleveland area, too.

(Copyright 2014 Associated Press---All Rights Reserved)

 

 

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