Company Name: LabConnect
Location: Cleveland
Site Region: Northeast
Industry Sector: Healthcare
Company Profile: LabConnect is a leading global provider of central laboratory services and functional service provider solutions for biopharmaceutical, pharmaceutical, and contract research organizations.
Company Website: www.labconnect.com
Project Summary:
Type of Project: New Location
Jobs:
- Jobs committed: 167
- Jobs retained: 5
Capital Investment: $3,000,000
Timetable:
When did the company start this project? LabConnect and Cleveland Clinic announced a strategic alliance in July of 2023.
When is the project facility set to open? The facility is set to open in early 2024.
Company Need:
LabConnect was seeking to expand its operations to support clinical trials around the world. Proximity to the Cleveland Clinic Laboratories was a key consideration for LabConnect's decision to choose to establish its new operation in Cleveland. The company was seeking "biostorage-appropriate" space in the range of 20,000 square feet that would accommodate an expansion.
Why Ohio?
From 2007 to 2019, output for healthcare in the Northeast Ohio Region grew nearly 20%, or $3.8 billion, to become the second largest sector of the regional economy. The rapid growth of the biohealth industry in the Northeast Ohio Region is fueled by innovative regional collaborations, a diverse range of sources for funding companies, and major biomedical real estate projects, including the Global Center for Health Innovation.
Northeast Ohio is one of the most predominant biomedical centers in the nation, offering the ability to take an idea from "bench to bedside" in one market. From research to manufacturing to access to the patient population – even cybersecurity support for telehealth – the Northeast Ohio Region offers unparalleled opportunities to any company at any stage or specialty in the biomedical industry.
Collaborators:
JobsOhio, Ohio Department of Development, Team NEO, City of Cleveland, Cleveland Clinic