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3 hospitals, UA and med school create BioInnovation Institute in Akron, a multimillion-dollar medical research program
By Cheryl Powell
Beacon Journal medical writer
Published on Friday, Oct 17, 2008
Akron's three hospitals joined the University of Akron and the region's medical school Thursday to announce the creation of a joint research and development initiative called the BioInnovation Institute in Akron.
The university, Akron Children's Hospital, Akron General and Summa health systems and the Northeastern Ohio Universities Colleges of Medicine and Pharmacy (NEOUCOM) unveiled the collaborative venture during an event attended by more than 300 community leaders at the John S. Knight Center in downtown Akron.
The partners plan to attract more research dollars and spawn new biomedical companies by working together on medical research and education.
For Akron-area residents, the project ''means hope for an excellent quality of life,'' said Akron Children's President and Chief Executive William Considine. ''It means new jobs. It means new businesses.
''The vision of the BioInnovation Institute to transform Akron into a world leader in biomaterials and medicine is an attainable goal,'' said Considine, board chairman of the institute. ''It can be done.''
The initiative pulls together the university's polymer science research knowledge, the medical college's musculoskeletal expertise and the three hospitals' strengths in orthopedics. The partnership initially is focusing on developing products and treatments for bone and joint problems but expects to expand to other areas.
The medical field increasingly is relying on polymer-based materials to serve as replacement parts for aging bodies, said Luis M. Proenza, president of the University of Akron.
The venture is getting a major financial boost from the John S. and James L. Knight Foundation, which committed $20 million for the next five years.
''The new organization will blend and coordinate research, expand medical education and promote the commercialization of research results,'' said Dr. W. Gerald Austen, the foundation's chairman. ''It will act as an engine for economic development, and it will improve medical care and education.''
The state of Ohio also is expected to contribute $20 million, including nearly $8.7 million already committed to recruit top researchers for two endowed positions for research in polymers and orthopedics: one at the university and the other at NEOUCOM.
The Akron-area partnership is an example of the ''centers of excellence'' the state wants to build within Ohio's university system, said Eric D. Fingerhut, chancellor for the Ohio Board of Regents.
Another $20 million is being raised from other sources, including a pledge for as much as $10 million during the next 10 years, announced by Akron-based FirstEnergy Corp.
The FirstEnergy funds are designated to support energy-efficient technologies in facilities involved with the BioInnovation Institute, said FirstEnergy President and Chief Executive Anthony Alexander on Thursday. He called the venture ''an example of regionalism at its best, cooperation by parties that don't always get along on everything.
''Together,'' he said, ''we are a stronger community. And together, we have a brighter future.''
The founding partners also are pledging a combined $20 million for the next five years.
During the next 10 years, total investment in the project is expected to reach $200 million.
A large share of the initial funds will be used to recruit an executive director and world-class physician researchers.
Many other aspects of the initiative will be housed in existing space within the hospitals and NEOUCOM, as well as a new polymer science building to be constructed at UA, officials said.
Cheryl Powell can be reached at 330-996-3902 or chpowell@thebeaconjournal.com.
Get the full article here.
Comments
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Akron, Oh
Posted 12:59 PM, 10/17/2008
Once again, The University of Akron under the keen leadership of a visionary like Dr. Proenza comes through and sustains our city and region even more. The University of Akron...the best thing that ever happened to Akron, Ohio.
