INDIANAPOLIS (May 9, 2023) – BioCrossroads today released the seventh edition of its Book of Data and Organizations and announced that the resource used to foster collaboration and networking among Indiana’s growing network of healthcare and life sciences companies, organizations and professionals, will now be available only in digital form on the organizations’ website under the Resources/Network tab.
“This resource has quintupled in size since we first created it in 2020 and is used to help health data professionals and others become more aware of the data, talent, and technology resources available, and build solutions where there are gaps,” said Darshan Shah, senior vice president and chief data officer for BioCrossroads. “Now, as a wiki, it will be an even better resource to help drive collaboration across the sector.”
Indiana’s life sciences sector contributed $77 billion to the state’s economic output last year and exported $13 billion in related goods. More than 63,000 Hoosiers currently work within the more than 2,700 companies operating in the sector. Many of those enterprises, and the state’s three research universities, contribute greatly to innovations in the field.
Shah worked with Indiana University Masters in Data Science students to convert the hard copy version of the book into digital form. Prior to the Book of Data, there was no single resource cataloging all the disparate health data assets throughout the state. Growth in the sector means the book must be updated often to keep pace.
With the digital offering, organizations can add themselves to the resource and edit their sections to reflect real-time changes. BioCrossroads will maintain control of the site and organizations would only receive access to update their pages to maintain accuracy.
The book includes snapshot information on more than 50 enterprises representing Indiana’s industry, government, health systems, academia, and digital health startups, as well as four cross-organizational initiatives to demonstrate where collaboration is driving impact.
“These organizations have tremendous data and technology resources that are driving transformative healthcare and life sciences work locally and globally,” Shah said. “Connecting all those who are doing this important work can help speed access and collaboration and help move Indiana’s health innovation farther, faster.”
About BioCrossroads: 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.
INDIANAPOLIS (April 27, 2023) – BioCrossroads, Indiana’s initiative to grow the state’s life sciences sector, today announced seven new members to its board of directors.
Central Indiana Corporate Partnership (CICP) President Latoya Botteron
Central Indiana Corporate Partnership CEO Melina Kennedy
Langham Logistics Inc. Founder, Owner and President Cathy Langham
University of Notre Dame Professor and Dean of the College of Science Santiago Schnell
Indiana University Provost and Executive Vice President Rahul Shrivastav
LabCorp Drug Development Senior Vice President – Head of Enterprise Client Solution and Business Strategy Stacey Yount
“We are delighted to welcome these leaders and innovators to our board and look forward to benefiting from their vast experience, skills and intellect,” said Dan Peterson, board chair for BioCrossroads. “Indiana’s life sciences sector has experienced tremendous growth over the past 20 years, and the board will continue to be instrumental as we continue to fuel momentum for this globally significant sector.”
Kennedy and Botteron join as CICP representatives, with Botteron serving on the executive committee.
Hasler served as president of Purdue Research Foundation where he was responsible for protecting the University’s intellectual property and managing its entrepreneurial and technology transfer activities and helping move Purdue’s life-changing innovations through commercialization to the benefit of the public. He also served as Indiana’s Secretary of Commerce, attracting a record-breaking 254 companies to the State of Indiana in fiscal year 2012 and had an extensive, 31-year career at Eli Lilly and Company.
Langham holds and has held significant leadership roles in both state and industry organizations including pharmaceutical/life sciences, food and beverage, automotive, retail, and other sectors with complex supply chains. Langham opened trucking and air freight franchises three years out of college, then sold them and co-founded Langham Logistics, Inc. in 1987.
Schnell is an internationally renowned theoretical and mathematical biologist. He has published more than 150 peer-reviewed publications, one book and has received multiple awards in recognition of his research and teaching endeavors. His work has substantially altered the view of measuring and modeling enzyme-catalyzed reactions under non-physiological and physiological conditions. He has also made substantive contributions in diverse areas by developing mathematical models of complex physiological systems.
Shrivastav’s research on voice acoustics, speech perception and production help develop tools for disease detection and diagnostics, tracking treatment outcomes and improving hearing aid, cochlear implants, and other hearing devices. He is a Fellow of the National Academy of Inventors and the American Speech, Language and Hearing Association. From 2015 until 2021, he served as Vice President for Instruction at the University of Georgia, where he oversaw enrollment management, student success, and overall infrastructure for teaching and learning.
Yount has more than 25 years of drug development experience across pharma, CRO and technology sectors. She has been at Labcorp Drug Development since August 2021 and is accountable for enterprise client solutions and business strategy. Previously, she held senior leadership roles at Medidata Solutions that included product development, customer success, corporate integration and strategic consulting. She spent 10 years at Eli Lilly and Company in data management, clinical operations, clinical pharmacology and statistics.
Peterson thanked departing board members: Claire Fiddian-Green, David L. Johnson, Patty Martin, Theresa Mayer and JJ Spegele.
“BioCrossroads has benefitted greatly from each of the community and life sciences leaders who have helped guide us,” Peterson said. “Their impact will be felt for generations.”
In addition to the new members and Peterson, the BioCrossroads board is also comprised of the following individuals. Asterisk denotes executive committee membership:
Regenstrief Foundation Chairman Craig Brater
Eli Lilly and Company Group Vice President US Diabetes Adrienne Brown
MBX Co-founder Richard DiMarchi
Roche Vice President Corporate Accounts Ron DiNizo
Eli Lilly and Company Group Vice President, Diabetes, Obesity & Cardiometabolic Research and Early Clinical Development Ruth Gimeno
Indiana University School of Medicine Dean Jay Hess, M.D.
Indiana Office of Management and Budget Director Cris Johnston
Elanco General Counsel and Corporate Secretary Marcela Kirberger*
Parkview Health Chief Academic Research Officer Mike Mirro
Indiana Biosciences Research Institute President and CEO Alan Palkowitz
Luson Bioventures Founder Derek Small*
Indiana University Health President, System Health Solutions, Ron Stiver*
Elevance Health President Health Solutions Bryony Winn
Community Health Network Executive Vice President, Chief Physician Executive Ram Yeleti, M.D.
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About BioCrossroads
BioCrossroads (www.crossroadshealthventures.com) is Indiana’s initiative to grow the life sciences region’s research, a public-private collaboration that supports the 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.
INDIANAPOLIS (April 14, 2023) — BioCrossroads today released its annual analysis of capital invested to grow and support Indiana life sciences companies in 2022.
“We are pleased to report that Indiana experienced capital investment of more than $6.8 billion in 2022 that will directly result in the creation of 3,000 new life sciences sector jobs in the state,” said Jane Dunigan-Smith, BioCrossroads’ senior vice president, chief strategy officer and managing director of Seed Funds. “This includes more than $600 million in venture capital to support innovation and start-ups along with $2.8 billion in other capital investments for establishing, expanding, or upgrading Indiana life sciences facilities.”
Indiana’s life sciences sector contributed $77 billion to the state’s economy last year. Total market cap value grew by 20 percent over 2021, from $455.7 billion to $548.7 billion, driven largely by Eli Lilly and Company. Elevance Health, Corteva Agriscience, POINT Biopharma Global Inc., and Zimmer Biomet Holdings, Inc. also posted market cap gains.
Two companies, Orthopediatrics Corp. and POINT BioPharma, closed on public offerings with proceeds of $144 million and $125 million, respectively. Several notable mergers and acquisitions were completed, with five of them valued at more than $100 million, and Apria Healthcare was acquired by Owens & Minor for $1.6 billion.
“Indiana is fortunate to have a dynamic, healthy, and innovative life sciences community that includes our three research universities, industry anchors, and innovators in all corners of the state,” Dunigan-Smith said. “A uniquely collaborative community is also key to the impact this sector makes. Growing our significant impact will require a continuation of all our efforts and renewed focus in raising capital and further celebrating and supporting it.”
The report’s findings are based on information provided by the Indiana Economic Development Corporation (IEDC), investments tracked by BioCrossroads, the Small Business Innovation Research (SBIR)/Small Business Technology Transfer (STTR) program funding, Pitchbook Data, Inc., and other public sources. Highlights from the 2022 Life Sciences Capital Report showed:
$5.3 million in SBIR/STTR funding awarded to nine companies
$619.8 million in venture capital investments in 37
$269 million accessed through public markets by two companies
More than $3.1 billion in mergers and acquisitions related to Indiana life sciences companies
$2.8 billion in capital to establish, expand, or upgrade facilities for 25 companies
In 2021, BioCrossroads reported that more than $15 billion in capital was accessed by Indiana’s life sciences companies. More than $10 billion of that amount was due to the acquisition of Hill-Rom Holdings by Baxter International Inc. Highlights from the 2021 Life Sciences Capital Report showed:
$6.5 million in SBIR awards to 17 companies
$433.5 million in venture capital invested in 39 companies
$508 million accessed through public markets by four companies
$13.7 billion+ spent to acquire innovation representing 13 transactions
$521 million in capital to establish, expand, or upgrade facilities by 23 companies
About BioCrossroads
BioCrossroads is Indiana’s initiative to grow, advance and invest in the life sciences, 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 (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx ), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
INDIANAPOLIS (March 21, 2023) — BioCrossroads announced today that Jane Dunigan-Smith and Mike Bolinder have joined the organization’s leadership team.
Dunigan-Smith, senior vice president, chief strategy officer and managing director of Seed Funds, comes to BioCrossroads after 19 years with Eli Lilly and Company where she spent a significant portion of her career in commercialization, corporate strategy and operations. She also has a strong background in accounting and finance, having spent the early part of her career as a Certified Public Accountant, and serves on the boards of Diagnotes, Inc. and Allinaire Therapeutics.
“Jane’s multi-faceted experience positions her to manage the Seed Funds and lead our strategy at a time when Indiana’s life sciences sector is expanding and innovating in multiple areas,” said Patty Martin, president and CEO, BioCrossroads. “One example is our work to establish Indiana as a global player in the field of radiopharmaceuticals. Her experience in pharmaceutical commercialization will be key as we develop strategic plans to support other promising sub-sectors while continuing to support our already established strengths in pharmaceuticals and biologics, medical devices and equipment, medical, research and testing laboratories and contract manufacturing organizations.”
Bolinder, senior vice president, external engagement, and chief innovation officer, has served in the life sciences sector for 20 years, most recently as CEO and executive director of Acacia Pharma Group plc, a publicly listed group of companies with headquarters in both Indianapolis, Ind., and Cambridge, UK. Prior to Acacia, he served as head of marketing and commercial strategy for the hospital division of Mallinckrodt Pharmaceuticals, following their acquisition of Cadence Pharmaceuticals. Previously, he worked at Eli Lilly and Company in various commercial roles of increasing responsibility.
“Mike has an ideal combination of experience working with large corporate and start-up entities to make an immediate impact through BioCrossroads,” said Martin. “There are so many opportunities ahead to continue to grow this sector, and he will be able to utilize his knowledge and experience to make some great things happen.”
About BioCrossroads
BioCrossroads is Indiana’s initiative to grow, advance and invest in the life sciences, 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 (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx ), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
INDIANAPOLIS, (March 2, 2023) — Indiana leads the United States in pharmaceutical exports, according to new data from the Indiana Business Research Center at the Indiana University Kelley School of Business. Life sciences exports have always been a strong area for the state. Indiana has been one of the top three states in exports for all life sciences products – pharmaceuticals, medical device, and agbiosciences — for more than a decade. In 2022, $13 billion of these products were shipped all over the world.
In addition, 2022 saw a record amount of venture capital raised by Indiana start-ups for the third straight year – increasing to $620 million, an increase of nearly $200 million from 2021.
Other key indicators and statistics for 2022 include:
The economic output of the state’s life sciences industry was $77 billion, driven by more than 2,700 companies. The number of companies increased by 9% over 2021.
More people are entering Indiana’s life sciences industry with over 63,000people across the pharmaceutical, medical device/equipment, agbiosciences, research, testing/medical laboratories, and biologistics companies.
One thousand one hundred sixteen patents were granted and 43 new products were approved by the U.S. Food and Drug Administration.
The average wage for the life sciences sector stayed fairly steady at just above $108,000 per worker, nearly double the state’s average wage, and delivering a total payroll of nearly $6.9 billion to the state.
Twenty-five companies committed to invest over $2.8 billion, more than five times the amount for 2021, and to hire more than 3,000 employees, according to the Indiana Economic Development Corporation.
“Growth in key areas of Indiana’s life sciences industry, particularly in pharmaceutical manufacturing, where we now lead the U.S. in pharmaceutical exports, is strong. With 2022 announcements from Eli Lilly and Company and Evonik for major expansions, this trend will likely continue, which is great news for our economy and our workforce,” said Patty Martin, president and CEO of BioCrossroads. “It’s imperative that we continue working together to ensure that this critical sector is cultivated and promoted to drive more innovation and medical breakthroughs.”
Indiana is home to the global headquarters for: Cook Medical, Elanco Animal Health, Elevance Health, Eli Lilly and Company and Zimmer Biomet, and is the North American headquarters of Corteva Agriscience and 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, Inotiv, and Merck’s Contract Development and Manufacturing Organization.
About BioCrossroads
BioCrossroads (www.crossroadshealthventures.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.
INDIANAPOLIS, Ind., February 14, 2023 —BioCrossroads announced today that Patty Martin, president and CEO, has decided to step down from the organization. Martin, who is an ardent and passionate catalyst and connector for the life sciences in Indiana, will continue her engagement with the life sciences industry in the private sector.
“Patty’s energy and passion have been felt throughout Indiana’s life sciences sector over the last four years,” said BioCrossroads Board Chair Dan Peterson and Vice President of Government and Industry Affairs, Cook Group. “Her guidance and leadership have been especially critical as BioCrossroads reached a significant milestone with their 20th anniversary in 2022. As we look toward the future of the organization, the foundation she laid will continue to support new and exciting opportunities for the sector.”
Martin advanced the important work of BioCrossroads through its collaborative, investment, and programming activities. Under her leadership, BioCrossroads’ launched a statewide health data analytics initiative and convened academic, healthcare and life sciences leaders to protect Hoosiers during the COVID-19 pandemic.
“It has been an honor to lead this important organization and advance its mission to grow and promote life sciences in Indiana,” said Martin. “I am excited about the future of this critical sector and look forward to celebrating BioCrossroads’ success as it continues to engage industry, academic, government and philanthropic leaders to positively impact Indiana’s economy and the well-being of Hoosiers.”
With over 30 years’ experience in life sciences, Martin plans to remain engaged with the sector through her service on public company boards (NASDAQ: LPTX and ANTX) and support of Indiana’s developing entrepreneurial ecosystem.
About BioCrossroads
BioCrossroads (www.crossroadshealthventures.com) is Indiana’s initiative to grow, advance and invest in the life sciences, 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 (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx ), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
Indianapolis, Oct. 6, 2022 – Today, BioCrossroads released a new report from TEConomy that follows the impact of BioCrossroads and Indiana’s life sciences sector over the last two decades —BioCrossroads and the Indiana Life Sciences Ecosystem: Tracking Two Decades of Progress and Charting a Path for Sustained Success. The study highlights statistics that include the life sciences sector’s outperformance of Indiana’s economy since 2001 and outsized portion of total new jobs in the state over the past two decades.
The report points out that “over the course of the next decade, it is expected that the life sciences will remain a key strategic driver of economic development in Indiana.”
Although the life sciences represented just over 2% of the state’s total jobs in 2020, they contributed 23.7% net new jobs from 2001 to 2020. Of the nearly 50,000 new jobs created in Indiana from 2001 to 2020, 12,000 were added in life sciences.
“BioCrossroads’ emphasis on enhancing the sector through collaborative initiatives, capital, talent, and awareness has uncovered unique opportunities over the last twenty years,” said Patty Martin, president and CEO of BioCrossroads. “However, Indiana must be vigilant in maintaining the competitive edge of its life sciences ecosystem. We must remain responsive to changes in the environment that are critical for Indiana’s long-term economic competitiveness.”
Other Key Statistics:
Indiana’s life sciences workers were also considerably more productive than the national average in 2020 ($321,094 GDP per employee in Indiana, compared to $304,673 for the nation), and in each year from 2007-2020.
From 2001 to 2021, the number of venture capital deals and dollars supporting Indiana’s life sciences companies grew almost 10 times, increasing from four venture capital transactions totaling $14 million in 2001 to 39 venture capital transactions totaling $433.5 million in 2021.
University-related Statistics:
Over the past two decades, academic research and development in Indiana has nearly tripled. Life sciences research at Indiana’s colleges and universities has grown from $282 million in 2001 to $844 million in 2020.
Growth in life sciences research at Indiana’s academic institutions has outpaced the national average over the past two decades. Indiana’s 2021 academic research expenditures in the life sciences nearly tripled since 2001; the national average was 2.5 times. Indiana’s growth exceeded the nation’s throughout the entire two decade-period.
National Institutes of Health (NIH) funding grew from $147 million in 2001 to $359 million in 2021. Notably, growth in NIH awards in Indiana outpaced the US average since 2001, with substantial growth in the past five years.
Healthcare and Life Sciences Regional Data
Over the last three months, BioCrossroads has released reports on the healthcare and life sciences sector that target six regions of Indiana*, including Northern (South Bend-Elkhart), Northeast, Central, Wabash Heartland (Lafayette-West Lafayette), Upland (Bloomington), and Southwest. In addition, one report, focuses on the entire state and determined that the sector accounts for one in every ten jobs, provides an annual economic impact of $150 billion and is present in the substantial assets spanning the corporate, university and philanthropic sectors.
the life sciences, 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 (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, and OrthoWorx ), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
*based on the most recent numbers available
Nora Doherty Recognized as 2022 Watanabe Life Sciences Champion for Strategic and Meaningful Impact on Indiana’s Life Sciences Industry
INDIANAPOLIS (Sept. 22, 2022) — BioCrossroads’ Board of Directors today named former executive vice president of strategy of BioCrossroads and managing director of the Indiana Seed Funds, Nora Doherty, as the recipient of the 2022 August M. Watanabe Life Sciences Champion of the Year Award. The prestigious honor, named in tribute to BioCrossroads’ late Chairman August Watanabe, was given to Doherty at today’s Indiana Life Sciences Summit and 20th Anniversary CELLebration.
Some of Doherty’s most significant achievements included developing a market for Indiana’s life sciences start-ups, including forming and managing funding mechanisms, engaging with universities and start-ups, and organizing new enterprises.
Recognizing the need for early stage or seed stage capital, BioCrossroads, began a Seed Fund program in 2005, with Doherty as Manager; followed by Fund II in 2012; and Fund III in 2018. These three Indiana Seed Funds, totaling $24.25 million, have invested in 32 life sciences start-ups since 2006. Those companies have gone on to raise an additional $796 million, more than 33 times BioCrossroads’ initial investment. In addition to returns to investors, the Funds have succeeded in unlocking considerable new (and lasting) entrepreneurial activity and talent, spurred the participation of significant additional investors and forged invaluable relationships with Indiana’s research universities, the State of Indiana and national venture capital firms.
In addition, Doherty has guided dozens of start-up companies with her advice, wisdom, and connections. She has also served on advisory committees for the Indiana Future Fund ($73M), INext ($58M), and Next Level Fund ($250M).
“Nora’s work with start-ups encouraged deep relationships with our research institutions, especially Indiana and Purdue universities, bringing some of their innovations to market. It has also led to productive collaborations between industry and academia,” said Patty Martin, president and CEO of BioCrossroads. “She is incredibly well regarded by many of the leading scientists and start-up CEOs in the state, as well as venture capital fund managers across the country. She was instrumental in putting Indiana’s life sciences entrepreneurial ecosystem on the map.”
In addition to BioCrossroads’ capital strategy, Doherty’s strategic insight over two decades has driven a number of successful research projects that helped identify a collective response to a changing environment, including the launch of the Indiana Biosciences Research Institute (2012) and activation of 16 Tech (2015).
Doherty’s impact is evident through the management of a research report that turned into an actionable and impactful project — Analytix Indiana. She conceptualized and facilitated the 2020 TEConomy Partners study titled Artificial Intelligence and Advanced Analytics in Indiana: An Initial Discussion of Industry Needs and University Capabilities. This study supported the creation of Analytix Indiana, an initiative to support the recruitment of academic talent, foster corporate and academic collaboration, create significant data assets to support both life sciences and advanced manufacturing, and establish an Indianapolis-based common place for university and industry engagement at the 16 Tech Innovation District.
Doherty has always had a strong entrepreneurial mindset. Prior to her work at BioCrossroads, she was a co-founder, vice president of operations and vice president legal, human resources and administration, and corporate secretary with Indianapolis-based Escient Technologies.
“It is difficult, if not impossible, to capture the full impact of Nora’s initiative, intellect and leadership on Indiana’s life sciences sector,” remarked Martin. “She has tirelessly, often from behind the scenes, ensured that ideas were activated and results achieved.”
Previous August M. Watanabe Life Sciences Champion of the Year award winners include:
Leonard Betley, retired chairman, president and CEO of the Richard M. Fairbanks Foundation
Richard DiMarchi, Standiford H. Cox professor of Chemistry and the Linda & Jack Gill chair in Biomolecular Sciences at Indiana University. Co-founder of Ambrx, Inc., Marcadia Biotech, Calibrium, MB2 and MBX
Dane A. Miller, founder of Biomet
Bill Cook, founder of Cook Group
Lilly Endowment, under the leadership of Chairman Thomas Lofton
Phillip Low, Ralph C. Corley distinguished professor of Chemistry and director of the Purdue Center for Drug Discovery—Biochemistry, co-founder of Endocyte and On Target Laboratories
Bill Eason, founder of Bio-Dynamics, predecessor to Roche Diagnostics
John Lechleiter, former chairman, president and CEO of Eli Lilly and Company
John Swisher, founder of JBS United
Virginia Caine, director of the Marion County Public Health Department
Anantha Shekhar, former executive associate dean for research affairs at the IU School of Medicine
Clem McDonald, chief health data standards officer of the National Library of Medicine, National Institutes of Health
Harvey Feigenbaum, “Father of Echocardiography” (Echo), distinguished professor, Indiana University School of Medicine.
Pete Kissinger, Purdue University professor and founder of Inotiv
BLOOMINGTON, IN (June 16, 2022) – The Indiana Uplands region’s healthcare and life sciences sector has a $9.5 billion annual economic impact and employs more than 23,000 people in the eleven-county area1, according to a new report. The study from TEConomy Partners, ESSENTIAL: The impact of healthcare and life sciences sector in the Indiana Uplands region, examined the influence of decades of investments in the region as well as how the sector provides benefits to their other industries such as manufacturing, technology and retail.
The sector has seen a rapid 18 percent job growth since 2015, well outpacing overall private sector growth of 2 percent. In addition, average yearly wages in the healthcare and life sciences for the Uplands region are nearly $63,000, $23,000 above their private sector counterparts.
“The Uplands region has one of the highest concentrations of life sciences jobs and gross regional product in the state. The Regional Opportunity Initiatives’ focus on advancing economic development in the region, and in particular, their work on talent development for the life sciences, has been very successful,” said Patty Martin, president and CEO, BioCrossroads.
The report discusses not only the economic measures of capital expenditures, wages and jobs, but also analyzes the non-traditional impacts such as access to healthcare and its influence on economic development.
Key information from the report also includes:
Gross regional product for the life sciences and healthcare sector is $3.3 billion making it the number one economic driver for the region. Manufacturing contributes nearly the same amount, and retail provides $1.0 billion to the region.
There are more than 30,000 jobs in manufacturing, while the life sciences and healthcare has over 23,000 jobs. Life sciences manufacturing accounts for one in four regional manufacturing jobs (7,814).
Every $1 of all goods and services produced by the healthcare and life sciences sector, generates an additional $0.29 within the regional economy.
More than $589 million in capital projects have been in process since 2020, supporting an additional 4,700 jobs.
Indiana University-Bloomington accounts for a significant contribution to the state’s healthcare and life sciences innovation ecosystem:
In 2020, IU-Bloomington had $150 million in life sciences-related research and development expenditures
23 percent of IU-Bloomington graduates are in a STEM-related field, which contribute to the sector’s talent needs.
“Our region is an important hub for medical device manufacturing, contract development and manufacturing of pharmaceuticals, biologics and related products. Bloomington has long been identified as the #1 small metropolitan area in the country for medical technology manufacturing, a recognition of the unique role Cook Medical has played in seeding life sciences innovation in our region. Today, Baxter BioPharma Solutions and Catalent are both manufacturing COVID-19 vaccines and their companies have hired thousands of new employees and invested millions of dollars into the community. Boston Scientific located in Spencer continues to grow and advance deliberate strategies around workforce diversification. And, Cook Medical continues to be a critical player in the Uplands region as well as in Indiana’s overall life sciences sector,” said Tina Peterson, President & CEO, Regional Opportunity Initiatives, Inc. / President & CEO, Community Foundation of Bloomington & Monroe County.
1 For this report, Uplands is defined Brown, Crawford, Daviess, Dubois, Greene, Lawrence, Martin, Monroe, Orange, Owen and Washington counties.
INDIANAPOLIS (June 15, 2022) –Indiana’s healthcare and life sciences sector has a $150 billion annual economic impact; directly employs one in every ten jobs in the state (more than 383,000 people); and has a substantial presence in the corporate and university sectors, according to a new report. The study from TEConomy Partners, ESSENTIAL: The impact of healthcare and life sciences sector in Indiana, examined the influence of decades of investments in the state as well as how the sector provides benefits to Indiana’s other industries such as manufacturing, technology and retail.
The report discusses not only the economic measures of capital expenditures, wages and jobs, but also analyzes the non-traditional impacts such as access to healthcare and its influence on economic development. It also points out that the healthcare and life sciences ecosystem is larger than traditional research and development, underscoring the importance of continued investment in the sector.
Key data from the report include:
Every $1 of goods and services produced by the healthcare and life sciences sector, generates an additional $0.52 within the Indiana economy.
The combined healthcare and life sciences sector grew by 9.5 percent overall from 2015 to 2020.
More than 4 million square feet of committed construction projects have been underway since 2020, accounting for $5.5 billion of capital project spending by healthcare and life sciences organizations.
National Institutes of Health funding to Indiana institutions has reached $1.04 billion over the most recent 3-year period.
“Hoosiers working in healthcare and life sciences are discovering, making and delivering treatments and cures to improve the quality of life for those of us in Indiana – and people all over the world – all while driving Indiana’s economy,” said Patty Martin, president and CEO, BioCrossroads. “However, we need to be proactive to take advantage of opportunities; to bring in additional investments; and ensure that we sustain and optimize the state’s ecosystem conditions to allow this important sector to thrive.”
The report compares key indices such as employment and gross domestic product (GDP) with other major industries, including manufacturing, which is the largest sector in the state. Employment for manufacturing was more than 520,000, while the life sciences and healthcare sector employed more than 383,000 in 2020. As a production-intensive state, more than 42,000 jobs are in life sciences manufacturing, accounting for 8 percent of all state manufacturing jobs.
GDP was measured at $87 billion for manufacturing while the healthcare and life sciences sector contributed $56 billion to Indiana’s economy. However, healthcare and life sciences punches above its weight as the industry accounts for almost 10 percent of private sector jobs but contributes 14.5 percent of state GDP.
“Indiana’s advanced manufacturers make products that power the world – from automobiles to jet engines, RVs and electronic components,” said Fred Cartwright, president and CEO of Conexus Indiana. “Our manufacturers also innovate, produce and deliver life-saving medicines, medical devices and healthcare products to patients around the globe. In fact, Indiana is the most manufacturing intensive state in the nation, making us a vital part of the world economy and global prosperity.”
About BioCrossroads
BioCrossroads is Indiana’s initiative to grow, advance and invest in the life sciences, 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 (Indiana Biosciences Research Institute, 16 Tech, Indiana Health Information Exchange, Fairbanks Institute for Healthy Communities, BioCrossroadsLINX, OrthoWorx and Datalys Center), expands collaboration and partnerships among Indiana’s life science institutions, promotes science education and markets Indiana’s life sciences industry.
