Cleveland is a hub of innovation in a variety of sectors, thanks to our world-renowned healthcare systems and research institutions. It’s a region that offers research depth, industry leadership and clinical care expertise across several sectors.
Cleveland is home to companies, researchers and health systems innovating in the field of regenerative medicine. It’s also home to the National Center for Regenerative Medicine, based at Case Western Reserve University, which has attracted more than $400 million in research funding since its founding in 2003. [this claim is on the MC website – not sure of source]
Regenerative medicine innovations created in Northeast Ohio are generating new treatments for tissue and organ damage, genetic diseases, neurological conditions and much more.
This field was pioneered in Cleveland in the 1960s at Western Reserve Medical School (now Case Western Reserve University). Neuromodulation innovations are being developed in Northeast Ohio to treat pain, paralysis, depression, seizures and other neurological diseases. Cleveland is also home to the Cleveland Functional Electrical Stimulation Center (FES Center), a collaboration among Case Western Reserve University, the Louis Stokes Veterans Administration Medical Center and the MetroHealth System.
Cleveland’s legacy of innovation in imaging dates back to the 1930 opening of Picker International’s X-ray manufacturing facility in Cleveland. Today the largest multinational imaging corporations have outposts in Cleveland, including Siemens, Toshiba, Hitachi, Philips and GE, along with a total of 60 mid-market and early-stage imaging companies.
Northeast Ohio’s leadership in orthopedics is anchored by world-class research from Case Western Reserve University, the University of Akron, and the Northeast Ohio Medical University (NEOMED), along with local clinical orthopedics expertise at Cleveland Clinic and University Hospitals. The success of Northeast Ohio’s orthopedics industry can be traced to the region’s 100-year history of expertise in materials sciences and engineering – in both metals and polymers.
Cleveland has experienced rapid growth in the health information technology sector. In the past five years, $374 million has been invested in health IT and services companies in the Cleveland region and more than 42 companies have been launched. The health IT industry generates a significant number of jobs and significantly impacts critical areas such as healthcare cost reduction and improvement of patient care.
Money continues to flow into the sector from equity investors, some of which have funds solely dedicated to health IT investments. OnShift, a provider of web-based staff scheduling software for the long-term care industry, recently raised $18 million in Series D financing, led by Health Velocity Capital, to finance its rapid growth.
CoverMyMeds, a leader in electronic prior authorization, was recently acquired by McKesson for $1.1 billion. This deal marks Ohio’s first “unicorn,” a private tech company valued at more than $1 billion. Explorys, which spun off from Cleveland Clinic in 2009, was also acquired and is a part of IBM’s Watson Health Unit. Explorys takes mountains of data from electronic records and makes meaningful sense out of them, taming Big Data in a novel way that can truly transform healthcare. The company remains in The Medical Capital, giving IBM a foothold in Northeast Ohio.
The Healthcare Information and Management Systems Society (HIMSS), a leader in healthcare IT, now leases the entire 4th floor of the Global Center for Health Innovation, the HIMSS Innovation Center, dedicating it to improving healthcare access, outcomes, and reducing costs through the implementation of information technology across the entire spectrum of health care delivery.
In response to the growing health IT industry, the HIT in the CLE talent initiative was formed. The program aims to help young people in Northeast Ohio acquire skills necessary to fill HIT Software Developer and HIT Data Scientist positions.
The excellence of Cleveland's cardiovascular sector is understood world-wide. The sector is supported by one of the largest concentrations of prestigious research hospitals and academic institutions in the United States. Cleveland Clinic has ranked #1 in heart and heart surgery for 23 years in a row.
The cardiovascular sector in Northeast Ohio was formed through a combination of world-class research and development of novel technology that led to dramatic exploratory and state-of-the-art surgical procedures. In 1947, surgeons at University Hospitals successfully used defibrillation to revive a patient, and 10 years later, Cleveland Clinic surgeons implanted the first artificial heart in an animal model. By 1960, Cleveland Clinic had discovered moving cine-coronary angiography and performed the world’s first published coronary artery bypass.
In 2006, the Ohio Third Frontier awarded a $60 million grant to create the Global Cardiovascular Innovation Center (GCIC). The GCIC develops, incubates, and commercializes cardiovascular technology. Its mission is to form, attract, expand and retain cardiovascular companies in Ohio. Seventeen cardiovascular companies have moved to Northeast Ohio since 2008 and, to date, 66 product development funding awards have been granted totaling $21.5 million, leading to more than $1 billion in follow-on funding.