INDIANAPOLIS, (March 25, 2022) — Indiana’s vibrant and unique life sciences industry continues to make a significant impact on the state, contributing more than $79 billion in economic impact in 2021. A record amount of venture capital was raised by Indiana start-ups for the second straight year – increasing from $262 million in 2020 to $434 million in 2021. In addition, the value of exports per worker grew by almost $25,000 – from $192,000 in 2020 to nearly $217,000 in 2021.
BioCrossroads today unveiled its latest economic statistics for Indiana’s life sciences, provided by Indiana Business Research Center (IBRC) at the Indiana University Kelley School of Business.
Other key indicators and statistics for 2021 include:
- More than $12.7 billion of products were exported from the state, the highest amount ever recorded. Indiana has the third highest amount of exports in the U.S.
- The economic impact of the state’s life sciences industry was $79 billion, driven by 2,452 companies, an increase of 170 companies since last year. 58,928 people are employed across the pharmaceutical, medical device/equipment, agbiosciences, research, testing/medical laboratories, and biologistics companies.
- Eight hundred ninety-nine patents were granted and 61 new products were approved by the U.S. Food and Drug Administration.
- The average wage for the life sciences sector increased to nearly $106,000 per worker, more than double the state’s average wage, delivering a total payroll of $6.2 billion to the state.
- Twenty-three companies committed to invest over $500 million and hire 2,100 employees, according to the Indiana Economic Development Corporation.
“Venture firms from across the country are finding great science and leadership here in Indiana, and are supporting it by investing in our most promising start-ups,” said Patty Martin, president and CEO of BioCrossroads. “In addition, the state’s exports and output per worker jumped considerably over the last year.
“Investment and productivity are two of the best indicators of a strong economy, and Indiana’s life sciences industry continues to punch above its weight,” said Patricia Martin, president and CEO of BioCrossroads.
Indiana is home to the global headquarters for: Cook Medical, Corteva Agriscience, Elanco Animal Health, Elevance Health, Eli Lilly and Co. and Zimmer Biomet, and the North American headquarters of Roche Diagnostics. Baxter, Beckman Coulter, Boston Scientific, Catalent, LabCorp, Mead Johnson/ Reckitt Benckiser, and Medtronic all host major operations in the state. In addition, the state has one of the largest and most prominent groups of contract development and manufacturing organizations in the U.S. with companies such as Azenta Life Sciences, Evonik, Exelead, and Inotiv.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow the life sciences, a public-private collaboration that supports the region’s research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry. The initiative has formed several new nonprofit organizations, including Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx, Datalys Center and the Indiana Biosciences Research Institute.
This data, generated by the Indiana Business Research Center at the Indiana University Kelley School of Business and BioCrossroads, are the most recent available.