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The year was 1888, Chicago was recovering from the great conflagration and preparing itself for the upcoming World’s Fair. It was also the year that Dr. Wallace C. Abbott got an idea that would change the way we look at medicine. He invented a method of precisely measuring the amount of medicine to be included in a given pill. The demand for this new invention soon overwhelmed the doctor and his practice. In 1900 he opened Abbott laboratories. That year sales for the Abbott Alkaloidal Company topped out around $125,000. The biotech industry was born
As of 1994, sales at Abbott topped out around $9.1 billion. Since Dr. Abbott started his multi-billion dollar company, the Chicago-Cook region has gone on to house many other sectors of the Biotech industry including research, health care, technology, venture capital firms, and much more. Major healthcare and healthcare related organizations in the region include Baxter Healthcare, Northfield Laboratories, Northwestern Hospital, Loyola University’s Medical Center, The Chicago Technology Park, The Chicago Biotech Network and the Illinois Medical District, to name just a few.
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Illinois Medical District: www.imdc.org
- The largest medical education center in Illinois with more than 70% of all doctors, nurses, healthcare administrators, dentists, and pharmacists receiving their training from district members
- One of the leading medical technology research centers in the world with federal and corporate research grants of $250 million annually
- Cook County Hospital is one of the largest public acute-care and teaching facilities in the nation.
- Rush-Presbyterian-St. Luke’s is the largest private academic medical center in the state
- The UIC College of Medicine is the largest medical school in the nation and ranks among the leaders in minority enrollment
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Chicago Biotechnolgy Network
The Chicago Biotech Network (CBN), (www.chicagobiotechnetwork.org) is a not_for_profit trade association dedicated to helping local biotech companies grow and promoting the biotechnology industry in Chicago and the State of Illinois. Members range from start_ups to major corporations, service providers, and university research centers.
Member companies are developing breakthroughs in all sectors of biotech, ranging from biopharmaceuticals to bioinformatics, diagnostic tests, and medical devices. Other members are industry leaders in support services to the biotech industry such as intellectual property protection and other legal services, valuation, accounting, marketing, specialty chemicals, instruments, and financing.
Launched in 1997 as an informal network, with start_up funding from the Illinois Department of Commerce and Community Affairs, CBN incorporated one year later and now has over 150 members representing over 100 companies and biotech related organizations.|
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Chicago Tech Park
The Chicago Tech Park, (www.techpark.com) is an area within the Medical district that is also designed to support and develop start-up biotech companies. The advantages of locating in the Park are innumerable. It provides excellent access to technology and scientific resources, affordable office and labor costs, proximity to other major research institutions, a location just minutes from the financial and cultural heart of Chicago. The following companies have taken advantage of these benefits and are now performing fascinating and essential research|
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- Akure, Inc.- A startup developing vaccines for the prevention and treatment of AIDS.
- Synquest, Inc. - Develops complex organic synthesis for pharmaceutical and other chemical applications.
- NephRx Corporation -Working on developing growth factors that can play a key role in reversing acute renal failure.
- DNA and Immunogenetics Institute- provides advanced specialized blood analysis programs and analytical tools to courts, governments, and individuals.
- Munin Corporation- Tests biological molecules for pharmaceutical effects and assay technology.
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All of these companies, from Dr. Abbott’s labs to the smallest start-ups, have chosen Chicago-Cook based on a multitude of factors, those include the world class universities, the cultural amenities only offered by Chicago, the amount of venture capital available for startup companies, and the already established community of biotech industries. With these resources, it is no wonder why Chicago-Cook is the leader in biotechnology throughout the world.
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