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.
Nearly 20 years ago, the heads of our region’s leading companies, philanthropic foundations and universities came together to drive the formation of the Central Indiana Corporate Partnership (CICP). 2017 showed that CICP’s story and the scale of our efforts only continue to grow.
Our six key talent and industry sector initiatives, AgriNovus Indiana, Ascend Indiana, BioCrossroads, Conexus Indiana, Energy Systems Network and TechPoint, are engaged in important and transformative projects all over the state.
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.
In its first State of the Logistics Industry Report, Conexus Indiana’s Logistics Council (CILC) is releasing Indiana: The Crossroads of America, focused on Indiana’s nationally ranked logistics industry.
- Logistics makes up 3.3 percent of Indiana Gross Domestic Product (GDP) and is responsible for efficient flow of products through Indiana to the rest of the world.
- Indiana’s logistics and transportation industry is a significant source of jobs for Hoosiers and accounts for more than 4 percent of jobs in Indiana.
The report builds on nearly a decade of work by CILC and includes data on Indiana’s infrastructure network of road, rail, waterborne and air assets and outlines Indiana’s public policy, workforce development programs and public/private partnerships that lead to exceptional leadership.
Contrary to public perception, U.S. manufacturing and logistics industries experienced dramatic growth over the past generation, with Indiana outpacing many of its Midwestern counterparts and the nation.
U.S. manufacturing production grew 11 percent since the dot.com bust (2000-03) and the ensuing economic turbulence of the 2001 and 2007-09 recessions, according to Manufacturing and Logistics: A Generation of Volatility & Growth, released by the Ball State Center for Business and Economic Research (CBER) and Conexus Indiana.
The report also found that manufacturing production in Indiana grew 41 percent over the same period, a significant contrast to manufacturing losses in Michigan, Illinois and Ohio.
Access to the Indiana report, U.S. report and the Manufacturing and Logistics: A Generation of Volatility & Growth can be found at http://conexus.cberdata.org/ or click on the images to the right.
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.
In a year that brought many changes for the state of Indiana, one thing remained constant: the commitment of the Central Indiana Corporate Partnership (CICP) and our branded initiatives to drive a competitive strategy for economic development and regional prosperity.
CICP is a unique organization — in our structure, the quality of our board membership, the strength of our diverse sources of financial support, and the energy behind our many collaborations and essential projects. CICP truly is providing both the workshop to develop and then the runway to launch the best collaborative opportunities for our region’s future success. And our best opportunities lie ahead.
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 vibrant agbiosciences industry is a significant economic driver to Indiana’s economy employing more than 75,000 individuals, many in higher wage jobs. In order to keep Indiana as an agbiosciences leader, there must be a robust talent pool with the right blend of skilled, educated and engaged individuals.
According to a new report from AgriNovus Indiana and TEConomy Partners, “Indiana Agbiosciences: Ensuring a Sustainable Workforce for Our Future”, the agbioscience industry has experienced job growth of over 22 percent since 2003, outpacing the rest of Indiana’s total private sector employment rate.