Investment in the northeast Ohio biomedical sector totaled nearly $294 million in 2018 with 71 regional companies receiving funding, according to regional healthcare trade group BioEnterprise. Those figures make this region the third largest for total healthcare investment in the Midwest, following Minneapolis ($664 million) and Chicago ($551 million).
These were among the findings of BioEnterprise’s 2018 Midwest Healthcare Growth Capital Report, which tracks capital investments made in biomedical companies across 11 Midwestern states in three sectors — medical device; biotechnology and pharmaceuticals; and health IT/software and services. The $294 million invested in northeast Ohio is the second largest in the history of the report, and the 71 companies receiving funding is the highest ever. Northeast Ohio is also the second largest region for the number of companies funded across 11 Midwest states. Minneapolis leads with 83 companies receiving funding.