Indiana’s life sciences industry keeps evolving, expanding and making new discoveries. The 2019 BioCrossroads Annual Report outlines how companies made acquisitions and invested in their local operations; new organizations opened facilities in Indiana, bringing innovation and hundreds of new jobs to the landscape; and start-ups received venture funding to move their products forward. The result is a vibrant and growing Indiana life sciences sector that is 2,157 companies and 56,575 people strong.
Artificial Intelligence and Advanced Analytics in Indiana: An Initial Discussion of Industry Needs and University CapabilitiesJanuary 16, 2020
BioCrossroads has released a new report from TEConomy Partners titled Artificial Intelligence and Advanced Analytics in Indiana: An Initial Discussion of Industry Needs and University Capabilities. TEConomy conducted a series of interviews with major employers in Indiana along with leadership at Indiana University (IU), Purdue University (Purdue) and the University of Notre Dame (Notre Dame) to generate their findings, perspectives and recommendations.
The study finds that technological change is affecting our economy at an unprecedented pace and is driving significant investments by Indiana’s industry partners and research universities to ensure that they stay ahead of the curve. However, there is limited coordination between industry and academia leaving missed opportunities to leverage investment, recruit and retain talent, and drive economic growth for the state. [READ FULL REPORT]
BioCrossroads and Indiana’s life sciences industry celebrated an active 2018. The life sciences sector had several notable developments and continued its national prominence with a continuation of strong workforce, wages and company statistics.
BioCrossroads, in collaboration with TEConomy Partners, has released a significant follow-up study to the 2017 TEConomy Partners report, The Importance of Major Research Universities.
The new study, Assessing R&D Funding Across Indiana’s Major Research Universities, takes a deeper look at the universities’ research and development funding to understand the differential. It also compares Indiana institutions to the top universities in the U.S.; identifies how investments made by the institutions themselves affect federal funding percentages; raises observations relating to the type and sources of R&D funding; and makes recommendations for improvements.
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)