Cleveland continues to gain momentum in leading the country and the Midwest in biomedical investments, according to BioEnterprise’s 2013 Midwest Healthcare Venture Investment Report. The report, released last month, shows that while overall investing is down nationwide, biomedical investments in health IT and medical devices in Northeast Ohio continue to be on the rise.

Ohio ranked number-one in healthcare venture investments. Cleveland earned the number-two regional ranking with $201.2 million invested in 50 companies, second only to Minneapolis. “It’s a very strong report, particularly for medical devices in the Midwest,” says Aram Nerpouni, president and CEO of BioEnterprise. “There is a strong pipeline of companies coming out of the Cleveland area.”

This is the second year the Cleveland area has seen $200 million in venture capital coming into the medical field, according to Nerpouni. But the ranking has taken years of effort. “As a region, it’s something we’ve been working toward for a decade now,” he says, crediting the area’s healthcare systems, universities and savvy entrepreneurs with the investment increase.

Ten years ago Cleveland’s leaders recognized the region’s assets in the biomedical field and have worked to create a reputation. But Nerpouni cautions we are only just beginning. “Look at it as a very good start,” he says. “We have to strike a balance of celebrating the progress but not getting too confident that it’s automatic.”

Nerpouni cites institutions like Cleveland Clinic Innovations, the Global Cardiovascular Innovation Center, and University Hospitals’ Harrington Discovery Institute, and now the Global Center for Health Innovation as just some of the contributors to the region’s growth in the biomedical field.

“Look at how much growth has happened, we’re just seeing this steady progress,” he says. “You begin to find there’s this flywheel gaining momentum.”

Source: Aram Nerpouni
Writer: Karin Connelly