Optimistic about expected growth in Indiana life sciences/healthcare sector, BioCrossroads prepares for the future
INDIANAPOLIS – Already a global leader in life sciences and healthcare innovation, Indiana is poised to meaningfully grow the sector in the coming months, including medical devices and pharmaceutical manufacturing, but must focus on growing the talent needed to realize that potential.
Talent development and support will be a priority in the future for BioCrossroads, the Central Indiana Corporate Partnership (CICP) initiative focused on growing the life sciences sector in the coming years, said CICP CEO Melina Kennedy.
“It’s an exciting time to be involved in Indiana’s life sciences at every level now and in the coming months and years,” Kennedy said.
Among the opportunities facing the sectors is the potential for Indiana to be named one of 20 regional tech hubs under the 2022 Creating Helpful Incentives to Produce Semiconductors and Science Act. The legislation created the Regional Tech Hubs program and authorized the U.S. Department of Commerce to allocate $10 billion in funding over five years for the creation of 20 tech hubs across the country, three of which are to be located in the Midwest.
CICP is part of a consortium of stakeholders in the fields of advanced manufacturing and biotechnology led by the Applied Research Institute, which applied for the tech hub designation.
BioCrossroads Board Chair Dan Peterson agreed with Kennedy’s assessment.
“We are seeing huge advances coming from our enterprise life sciences companies in medical breakthroughs in multiple areas; innovations are underway at companies and organizations of all sizes and our research universities, and our local, state and federal leaders are working together to ensure Indiana has what it needs to deliver for Americans and the world,” he said.
As part of preparing to support and catalyze all that activity, Peterson is leading the CICP’s effort to recruit a new BioCrossroads leader.
“We are seeking someone who understands these enormous possibilities and can bring all the various elements together to capitalize on Indiana’s potential as a global life sciences leader,” he said.
Indiana leads the nation in pharmaceutical exports and has the second highest concentration of life sciences jobs in the U.S. Further, it is uniquely capable of both making and distributing lifesaving medicines as it has the highest concentration of advanced manufacturing jobs in America coupled with a preeminent logistics infrastructure that includes the second largest FedEx hub in the world and growing logistics companies like Langham Logistics.
Indiana is home to:
- Global or North American headquarters of companies like Eli Lilly and Company, Corteva, Cook Medical Group, Elanco and Roche Diagnostics;
- The Orthopedic Capital of the World in Warsaw, the birthplace of orthopedic design and manufacturing and home to many of the top orthopedic companies in the world; and
- Three R1-level institutions with concentrations on biotechnology and manufacturing innovation: Indiana University, Purdue University and the University of Notre Dame.
The state also experienced strong capital investment of more than $6.8 billion in 2022, including:
- Life sciences venture capital investment that tripled from 2019 to 2022, with nearly $620 million in venture capital investments in 37 companies in 2022.
- $2.8 billion in investments to expand or upgrade facilities for 25 companies which are expected to directly result in the creation of 3,000 new jobs.
Additionally, the state has made significant investments to further catalyze biotechnology and manufacturing advancements including a $540 million investment in programs and grants for 2023 to 2025 that support talent and economic growth, quality of life improvements, and/or smart manufacturing and more than $182 million to develop an Innovation District in Lebanon that comprises 10,000-acres of shovel-ready sites near Indianapolis to attract megaprojects to the region.
For the past six months, CICP and BioCrossroads leadership have been working to lead the development of a life sciences sector strategy that includes a among other key opportunities. That work has laid the groundwork for securing a new BioCrossroads leader to implement the strategy.
“BioCrossroads will expand its mission to drive opportunities for talent even as it continues its decades-long focus on innovation, coalition and network building,” Kennedy said. “Our new president and CEO will need to have the skills, energy and ability to exceed expectations in all areas.”
CICP is working with Medallion Partners to select a President and CEO to take BioCrossroads into the next phase of its journey. The nationwide search process will begin immediately with the goal of having a new leader in place by the end of the year, Peterson said.
Leaders who are interested in the position should contact Medallion at email@example.com.
About Central Indiana Corporate Partnership (CICP)
The Central Indiana Corporate Partnership (CICP) was formed in 1999 to bring together the chief executives of the region’s prominent corporations, foundations, and universities in a strategic and collaborative effort dedicated to Indiana’s continued prosperity and growth. To advance this mission, CICP sponsors five key talent and industry sector initiatives, AgriNovus Indiana, Ascend Indiana, BioCrossroads, Conexus Indiana, and TechPoint, each of which addresses challenges and opportunities unique to its respective area: agbiosciences, talent and workforce development, life sciences, advanced manufacturing and logistics, and technology. To learn more about CICP, visit www.cicpindiana.com.
Part of the Central Indiana Corporate Partnership, BioCrossroads is Indiana’s initiative to grow, advance and invest in the life sciences. It is a public-private collaboration that supports the region’s existing research and corporate strengths while encouraging new business development. BioCrossroads invests capital and provides support to life sciences businesses, launches new life sciences enterprises (including the Indiana Health Information Exchange, OrthoWorx and the Indiana Biosciences Research Institute) expands collaboration and partnerships
among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
About Medallion Partners
Medallion Partners’ premier talent delivery services include organization and market analysis to establish business requirements, full market access to the best talent globally, exceptional interview through offer experience, and one-year plan for guaranteed successful leadership transition. The Medallion Partners team leverages broad industry experience, strong leadership, and an extensive network to
improve our clients’ business results by delivering the ideas and people for bottom-line growth.