Despite economic challenges due to inflation and other pressures, out-of-state investors drove growth in the life sciences statewide in the first quarter of 2024, according to a first-of-its-kind report released today by Ohio Life Sciences.
Twenty-six life sciences companies raised $271 million in the first quarter of the year, the report shows, with specialties ranging from medical devices to kidney transplants to clinical trials. That figure includes $126 million in medical devices, $116 million in therapeutics and $29 million in healthcare business and software.
While investments are flowing more slowly than normal because of a challenging economic environment — inflation, interest rates, global security and the upcoming U.S. presidential election among them — multiple life sciences companies in Ohio have been successful in raising funds through initial public offerings.
“This report measures the success and opportunity in Ohio’s rapidly growing life sciences sector,” said Eddie Pauline, OLS president and CEO. “Businesses and investors are facing a challenging economic environment, but challenging times have led to some of our society’s best breakthroughs and most successful companies. This report shows that this kind of lifesaving work is well underway in Ohio and that it will continue no matter how difficult the economy might be.”
The report details growth and investment across the state, from Cleveland to Columbus to Cincinnati. Companies in smaller cities saw great success as well — including Akron, Aurora, Beavercreek and Middlefield.
The report also notes four national trends to watch in the life sciences:
4. Neuromodulation, including the treatment of overactive bladder and GI conditions.
The report is available on our Life Sciences Investment page, and as a direct download.