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Feb
16
Of course, this news comes via an Israeli publication – not the Plain Dealer, the Cleveland paper of record, published by someone on the Clinic’s board, home to Beachwood and a region desperately in need of an infusion of ideas and investment.
From YNET:
The Israel Venture Capital Research Center on Wednesday hosted the one-day Cleveland Clinic Innovation Summit at the Tel Aviv Hilton under the title of “Clinical Medicine Meets Innovation.”
Focusing on cardiovascular and orthopedic innovations, the summit was attended by approximately 130 Israeli medical, biotech and venture capital professionals.
Cleveland Clinic physicians were in Israel to explore cooperative ventures with Israeli biotech companies. The delegation seeks to tap into the rich research & development and human talent offered by the medical and healthcare communities in both Israel and the US.
Why would companies want to do business here?
In order to attract business investments, Ohio has phased out their corporate tax which led to a 100% exemption from taxation on sales outside the state. Labor, energy, building and transportation costs in Ohio are significantly lower than US cities on the East and West Coasts.
Furthermore, an independent study found that biotech companies enjoy a 15% reduction in the overall cost of doing business in Cleveland compared to other major US cities. Over the course of the past few years, dozens of Israeli biotech and medical health companies have started operations in Ohio in their pursuit of American market entry.
This event should not be confused with the Clinic’s annual innovation summit hosted in Cleveland in the fall.
Hattip to my The Moderate Voice co-blogger, Holly Robinson (who is in Cincinnati).
By Jill Miller Zimon at 11:09 am February 16th, 2009 in Cleveland+, Economy, Health Care, Ohio, Tech
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One Response to “Cleveland Clinic attends innovation summit in Tel Aviv”
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Gets me to the point about the proposed Medical Mart which is expected to get 100% tax abatement. Nor sure how I feel about that; it seems like lots going out with nothing coming in. But what do you think?