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Cleveland’s World Class Clinical & Research Institutions
Internationally recognized clinical and research institutions provide the platform for Cleveland’s biomedical industry. Together these organizations conduct over $600 million in annual research and are nationally ranked in all medical specialty areas. The region’s industry has access to closely collaborate with these institutions to advance innovation.
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Cleveland Clinic
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Ranked #1 in heart and heart surgery for 18 years in a row; #4 overall; Nationally ranked in 14 specialties, with top rankings in urology and nephrology.*
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University Hospitals
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Nationally ranked in 12 specialties, including cancer, neurology, neurosurgery, orthopedics, and all pediatric areas.*
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Summa Health System
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Nationally ranked in 9 specialties, including cancer and orthopedics.*
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Case Western Reserve
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School of Medicine ranked Top 15 in NIH research funding; Biomedical Engineering department ranked in Top 10.*
Working together, these institutions have been awarded over $500 million in targeted funds to develop new centers of innovation in cardiovascular therapies, biomaterials, neurostimulation, medical imaging, and regenerative medicine.
*U.S. News & World Report
Critical Mass
Access to world-class research, clinical facilities, and personnel has spurred an impressive biomedical industry in parallel to the institutions. Cleveland’s biomedical industry has grown from 300 companies in 2002 to over 700 companies in 2013. Medical device companies make up half of the total and include firms such as Philips, Hitachi, Steris, Invacare, Integra, Greatbatch and GE. Biopharmaceutical companies, Boehringer Ingelheim, Ricerca, WIL Laboratories, and Affymetrix are all located in the region. A growing number of healthcare IT companies such as Hyland Software, Radisphere and LexiComp complete the industry composite.
Talent
Cleveland biomedical companies are led by experienced management teams. Entrepreneurial talent thrives in a network of deep assets, extensive resources, and a culture of collaboration. Proven biomedical entrepreneurs are moving to Cleveland to leverage the region’s innovation platform of private and public funding, business assistance and institutional collaboration.
Clusters
The strength of Cleveland’s biomedical industry can be seen in its clusters. Strengths in the Imaging, Orthopedic, Neurodevice and Cardiovascular clusters are most prominent. Deriving from these clusters are newer sectors in Biomaterials, Health IT, Biosensors, and Regenerative Medicine.
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Imaging – Cleveland is a global leader in medical imaging, the largest and fastest growing cluster within the region’s biomedical industry. The cluster is comprised of over 55 companies developing new frontiers in imaging.
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Orthopedic – The region has long been a center for orthopedic and advanced material technologies. Today there are more than 50 companies directly related to the orthopedic and biomaterials industry in the region.
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Neurodevice – NeuroInsights Industry Report considers Cleveland among the neurotechnology regions to watch. The report ranks the region #5 in neurotech healthcare and #6 for neurodevice companies. The region is rich in research, clinical assets, emerging companies, and neurodevice accelerators.
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Cardiovascular – Cleveland is a global destination for companies specializing in cardiovascular medicine. Businesses are attracted to Cleveland by the unique access to and collaboration with key cardiovascular leaders at regional healthcare institutions. In recent years cardiovascular companies have moved to the area from across the country and around the world.
Cleveland Medical Mart & Convention Center
The Cleveland Medical Mart & Convention Center (Cleveland MMCC) is the world’s only facility targeted specifically to the medical and healthcare industries. Opening in 2013, the Cleveland MMCC will host over 50 medical meetings and conferences annually, providing a unique platform for healthcare companies to connect with customers.
Investors, Investment & Exits
Cleveland companies have attracted investment from across the globe. Since 2003 over $1.5 billion has been invested in regional start-up companies. There are 35 equity investors having an office in Cleveland. Since 2003, 80 national healthcare investors, from the east to the west coast, have invested in Cleveland biomedical companies. Recent, notable investments include an $18 million investment by Boston-based Health Care Ventures in biopharmaceutical company, Cleveland HeartLab; an $11.5 million investment by Austin Ventures in health IT company, Explorys; and a $13 million investment by Aisling (New York), Fidelity (Boston), and Orbimed (New York) in imaging company, ViewRay. The rich biomedical environment in Cleveland has drawn the notice of larger strategic firms as evidenced by an increasing number of company exits in recent years. Notable exits include the acquisition of medical products company, EdgePark Surgical, by Clayton Dubilier & Rice/Goldman Sachs for $850 million, the sale of healthcare services company, MemberHealth, to Universal American for $630 million, and the acquisition of orthopedic company, Theken Spine, by Integra LifeSciences.
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