Midwest healthcare companies raise $758 million in 2013
Midwest healthcare companies attracted $758 million in new investments across 217 companies in 2013, according to the BioEnterprise Midwest Healthcare Venture Investment Report. As with the nationwide trend, Midwest investment decreased from 2012. Ohio ($296 million) and Minnesota ($228 million) led Midwestern states in attracting investment dollars.
"Midwest investment remains strong, outpacing 2009 and 2010 in investment dollars attracted. In addition, greater numbers of Midwest healthcare companies received funding in 2013 than in any of the previous five years," said Aram Nerpouni, president and CEO of BioEnterprise.
By sector, 2013 equity funding was allocated into:
- Medical device companies: $423 million (59%)
- Biopharmaceutical companies: $183 million (25%)
- Healthcare IT and service companies: $117 million (16%)
"The Midwest, in contrast to other parts of the country, remains strong in the medical device sector; in addition, the healthcare IT sector is showing signs of steady growth, with increasing numbers of companies funded each year," said Nerpouni.
BioEnterprise is a business formation, recruitment and acceleration effort designed to support the growth of bioscience companies. Cleveland-based BioEnterprise provides management counsel and support services to healthcare companies. Its partners are Case Western Reserve University, Cleveland Clinic, University Hospitals, Summa Health System and the Austen BioInnovation Institute in Akron.