Ten years ago, researchers and medical professionals headed to Cleveland to find and employ the workers and space they needed to pursue their healthcare passions. Cleveland has since become home to the Cleveland Clinic, one of the United States' largest healthcare systems, as well as a plethora of medical technology offshoots. However, healthcare experts wonder which city will house the next "boom" in healthcare, and if that city could be Rochester, Minn., according to MPR News.
Here are five ways Rochester stacks up to Cleveland, in terms of its healthcare environment.
1. Thus far in 2017, Minnesota has raised roughly $337 million toward investments in biotech and device companies, with $331 million of the funding centered in Minneapolis. In contrast, Ohio has raised $294 million toward similar investments thus far in 2017, with $65 million centered in Cleveland.
2. Growth in Cleveland's biotech industry is fueled by massive state subsidies, according to the report. For example, Ohio committed $2.1 billion in 2002 to grow and keep technology companies in the state, contributing more than $250 million toward the cause during the past decade. The region now houses 700-plus biomedical companies.
3. A significant amount of state and local funding has also gone toward revamping downtown Cleveland, making it a destination for millennials.
4. Rochester officials are similarly attempting to draw more biotech and healthcare startups to the area. Officials are in the midst of constructing a tech campus in downtown Rochester, a move that will allegedly play a vital role in making the city a medical-technology destination, according to the report.
5. Rochester's largest health system, Mayo Clinic, has also contributed significantly to the city's growth. The health system created a business accelerator initiative in downtown Rochester, and created a joint $1 million investment fund with the city to invest in local healthcare startups. Approximately 78 startups have emerged directly from Mayo Clinic during the last five years, the report states.
To read the full report, click here.