2017 was an active and productive year for Indiana’s life sciences industry and BioCrossroads, including billion dollar transactions, market reports, a host of events, and continued work collaborating with industry, academic and philanthropic partners.
From the state’s earliest beginnings, research universities have contributed significantly to Indiana’s society and economy. Indiana University, Purdue University and the University of Notre Dame have a powerful impact on our state with a combined 1.44 million living alumni, $1.3 billion in annual research expenditures1, and resources that touch all 92 counties. These universities are recognized among the top 150 best institutions in the world2 and boast alumni and faculty that include 73 National Academies Members, 20 Nobel Prize winners, and three World Food Prize recipients.
A new report by TEConomy Partners, The Importance of Research Universities, looked at four major functional areas of the state’s three major research universities: knowledge expansion and innovation; economic development; the enhanced capabilities of human capital; and societal well-being and quality of life. The report provides a comprehensive look at their influence on the state and identifies areas of opportunity. The full report can be found at www.biointellex.com or read the Executive Summary here.
BioCrossroads is celebrating 15 years as the first initiative of the Central Indiana Corporate Partnership (CICP). As it was at the beginning, BioCrossroads today continues its work with a focus on collaboration. Since its inception, the life sciences initiative has developed seven distinct programs.
- Indiana Seed Funds I and II
- Indiana Health Information Exchange
- The Datalys Center
- AgriNovus Indiana
- Indiana Biosciences Research Institute
Today, the life sciences sector in Indiana has more than a $62 billion impact, has nearly 1,700 companies and employs more than 56,000 workers.
For the biotech sector, national and even global forces drive constant change for business models, product approvals and investments, and ultimately, innovation, but Indiana’s life sciences industry maintained its strong leadership position in 2016 with an outsized number of employees, companies and exports.
The economic impact of pharmaceutical, medical device and equipment, agbiosciences, research, testing and medical laboratories and biologistics climbed to $63 billion – a result of more than 56,000 employees and nearly 1,700 companies exporting nearly $10 billion in products, the second highest in the U.S.
To understand what powers Indiana’s life sciences success, the story must begin with the individuals who provide the vision, drive discovery, form and support new entities, and find the capital that sustains activity every day. BioCrossroads new white paper, Powering Indiana’s Life Sciences Community: Profiles of Money, Molecules and Management, details the leadership, innovation and economics of building the region’s life sciences entrepreneurial community. John Ketzenberger, president of the Indiana Fiscal Policy Institute, a not-for-profit government research organization, authored the paper. He has been covering business in Indiana as a reporter and editor for more than 25 years.
Indiana’s Health and Life Sciences Talent and Workforce: Developing Strategies to Compete in a Global EconomyMay 12, 2016
Indiana’s vibrant health and life sciences industry is generating significant high quality job opportunities and job growth across a range of skill levels, playing a critical role in Indiana’s ability to innovate and be globally competitive. According to a new report from TEConomy Partners, with support from Battelle Technology Partnership Practice, Indiana’s Heath and Life Sciences Talent and Workforce: Developing Strategies to Compete in a Global Economy, the health and life sciences industry, has experienced job growth of over 22 percent since 2001, outpacing the rest of the U.S., and accounting for one of every ten private sector jobs in Indiana (a total of 265,000 jobs). The average wage for these jobs is $70,000 (the life sciences sector alone has average wages of almost $97,000).
(Sources: BioCrossroads, TEConomy Partners)
Twelve years ago, Indiana’s uniquely broad and deep community of life sciences industry, academic, philanthropic and public leaders brought together the BioCrossroads coalition to drive further innovation and growth in this leading sector of the 21st-century economy for Indiana—and the nation. By 2014, the BioCrossroads initiative was stronger than ever, with many “points on the board” in achieving key milestones for the progress of the mission: raising successive and return-driven venture capital and seed funds, building unique collaborations, establishing an authoritative data base and marketing strengths, and further developing a one-of-a-kind institute to accelerate research and commercialization. The result is a vibrant life sciences community that has increased its economic impact for the state by more than $27 billion in just 11 years ($32B in 2002 and $59B in 2013, an impressive growth rate with several recession years in the mix).
A new report, commissioned by BioCrossroads and conducted by the Battelle Technology Partnership Practice, takes an in-depth look at Indiana’s capital market and the innovation outputs that have resulted over two different time frames: 1993 to 2002 and 2003 to 2013. It also provides a view of future opportunities for investment growth.
The Life Science Innovation Capital in Indiana report shows gains in innovation dollars as well as an increase in life sciences innovation capital that outpaced the nation between 2003 and 2013.
(Source: BioCrossroads, Battelle Technology Partnership Practice)
2013 A Transformative Year
Indiana’s life sciences sector has made great strides forward over the last decade, but 2013 broke the mold for accelerating progress. Since 2002, BioCrossroads has seen tremendous growth within the life sciences industry; has increased collaboration among industry, research universities, philanthropic organizations and local government; has seen a greater focus on moving research from laboratory to the patient, and has garnered national recognition for leadership in the life sciences ─ all essential elements for advancing the sector. But in 2013 the momentum reached a new and energetic height with the announcement of the Indiana Biosciences Research Institute (IBRI), the first industry-led collaborative life sciences research institute in the country.
A new report, “The Economic Impacts of Indiana’s Public and Private Hospitals and Outpatient Care Centers” commissioned by BioCrossroads and prepared by Battelle Technology Partnership Practice, shows that healthcare systems employ more than 150,000 Hoosiers throughout the state and drive a $31.3 billion economic impact. In all, traditional life sciences jobs (drugs and pharmaceuticals, medical equipment and devices and research and laboratory testing), along with employment in food and agricultural service, information technology, and healthcare delivery account for 825,000 employees and more than $13.25 billion in annual wages in Indiana today.