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Academic Medicine Contributes Big Bucks to Buckeye State




By EmploymentCrossing

 
Ohio’s academic healthcare industry contributed $37.2 billion to the state’s economy in 2007, up $16.5 billion since 2002, according to a study commissioned by the Ohio Council of Medical Deans.
 
The study also found that academic medicine served as a major job generator, employing one in 12 Ohioans.
 
Quantifying academic medicine’s economic impact in areas ranging from tax revenue to job creation, the report underscores the significant role Ohio’s seven medical colleges and affiliated teaching hospitals play in spurring growth as the state works to transform its economy.
 
The study found that for every dollar provided by the state in direct support for Ohio-based medical colleges, approximately $10 were returned in tax revenue.
 
Ohio’s academic healthcare industry is one of Ohio’s lead generators of employment, with 425,000 full-time positions, meaning one in every 12 workers in Ohio works directly or indirectly for a medical school or teaching hospital.
 
Ohio ranked sixth in the nation, behind only New York, Pennsylvania, California, Massachusetts, and Texas, in terms of the economic impact of its academic healthcare industry.
 
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