Nationwide Children’s generates $48.6 million from licensing technology in 2023
Photo: Nationwide Children’s Hospital
Nationwide Children’s Hospital generated $48.6 million of income from licensing technology in 2023, up from $29 million a year earlier.
Total revenue from royalties, equity stakes, and other payments in licensing deals over the past nine years surpassed $253 million, according to research by Columbus Inno.
Nationwide Children’s says three spinouts were formed in 2023 and that researchers and clinicians made 80 new invention disclosures, up from 71 a year earlier. Two of the spinouts were among the first gene therapies approved by the U.S. Food and Drug Administration.
What It Means to Ohio
Matt McFarland, Vice President of Commercialization and Industry Relations for Nationwide Children’s, calls technology commercialization a virtual cycle that supports further research and hiring.
Nationwide Children’s effort in the space, alongside Ohio State, has created a robust cell and gene therapy industry in the state.
Last year, Nationwide Children’s partnered with Rev1 Ventures to launch a $30 million fund to support biotech spinouts and research commercialization from Nationwide Children's and Ohio State University.
In April, the Midwest Pediatric Device Consortium, led by investigators from Nationwide Children’s, Ohio State, Cincinnati Children’s, Cleveland Clinic Children’s, announced its first grant recipients working to advance pediatric medical devices into clinical use.
What They’re Saying
“At Nationwide Children’s Hospital, we understand the importance of translating innovative work beyond our walls and into the world, as well as the necessary infrastructure to be successful in that endeavor. The Office of Technology Commercialization ensures that key partnerships are in place to enable our pipeline to have maximum impact.
- Matt McFarland, Vice President of Commercialization and Industry Relations
"Our office is engaging more with everything from vaccines and (infectious disease treatment) to behavioral health, and understanding ways we can help those researchers with translation of their efforts to public impact.”
- McFarland told Columbus Inno
"We're trying to propagate all the potential the region contains. It’s a win for everybody. … evangelizing the cool stuff going on in Central Ohio right now."
