Midwest’s fastest-growing economy an incubator for growth and innovation
By REDI Cincinnati on 06/06/2016
Greater Cincinnati is an economic powerhouse in the Midwest. The headquarters town is earning its place as a hub of innovation for biohealth, food and flavoring, information technology, shared services, and manufacturing. Whether a company is just starting out or is already a thriving Fortune® 500, they are in good company in Greater Cincinnati.
Named by the U.S. Bureau of Economic Analysis as the fastest-growing economy in the Midwest and by KPMG as the least expensive city in the U.S. for business, it’s easy to see why Greater Cincinnati is becoming one of the most welcoming places for businesses to locate and grow. And that reputation is bearing out in the results. In 2015, the Regional Economic Development Initiative (REDI) Cincinnati and its partners helped to attract and retain more than 15,000 jobs and $1.2 billion in capital investment in Greater Cincinnati.
Nurturing biohealth innovation in Greater Cincinnati
The region is well known for bringing innovations to life, specifically those related to biohealth. Home to medical breakthroughs, such as the first oral, live-virus polio vaccine, rotavirus vaccine and the first heart-lung machine, Greater Cincinnati has the experience needed to help biotech companies thrive.
This biohealth legacy continues with support for new early-stage biotech companies. StartupCincy accelerators and incubators, like CincyTech, Cintrifuse and bioLOGIC, and available venture capital support help young companies to turn their ideas into businesses. With additional support from some of the top hospitals in the county, it’s easy to see how biotech companies can capitalize on the region’s assets.
That culture supported Aprecia Pharmaceuticals’ decision to manufacture a groundbreaking new drug in Blue Ash, Ohio. In 2015, Aprecia earned the first-ever FDA approval for a 3D-printed drug. While the technology had long been identified to create medical devices, this is the first time it will be used to create pharmaceuticals. Aprecia’s unique drug-delivery system, known as ZipDose, makes a fast-melting dosage that allows for easy-to-swallow medication.
“Having evaluated a number of options for reaching our long-term commercial manufacturing goals, Aprecia believes that the state-of-the-art facility in Blue Ash is particularly well suited to showcase our proprietary 3D printing technology platform,” said Don Wetherhold, CEO of Aprecia.
The collaborative spirit of a regional economy
REDI Cincinnati is traveling with a delegation of biohealth and economic development experts from across the State of Ohio. Participating in that delegation will be notable, growing Greater Cincinnati biohealth companies, including Airway Therapeutics, Eccrine Systems, Enable Injections and Include Fitness, anchored by biohealth job-creation experts like Cincinnati Children’s Hospital Medical Center, CincyTech, JobsOhio, Cleveland’s Bio Enterprise and Columbus 2020.
“It’s a new way to approach economic development,” said Kimm Coyner, managing director of projects and JobsOhio for REDI Cincinnati. “We want biohealth companies to know they’ll find a collaborative, accessible business ecosystem, and for their peers already located in the state to share why they’re thriving here.”
Greater Cincinnati: Results that shine
Site Selection magazine, the premier publication for site selection experts and business decision-makers, released the annual Governor’s Cup rankings in March, 2016. The Greater Cincinnati metro ranked No. 1 per capita in the U.S. and No. 4 overall for business relocation and expansions. Led by the region’s collective economic development efforts, more than 190 projects fueled this success. To learn more about the winning growth companies and other stories from around the region, visit REDICIncinnati.com/casestudy.