Study: Life Sciences Impact Continues to Grow
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndiana's life sciences initiative says the state's “broad and deep” industry continues to grow. BioCrossroads' annual report shows the sector generates a $55 billion economic impact, which is up from last year. The organization also says the state's nearly $10 billion in 2012 life sciences exports ranks second in the nation. The report suggests the industry supports approximately 55,000 jobs.
February 20, 2014
News Release
Indianapolis, Ind. — Indiana exported more than $9.7 billion in life sciences products (one-third of Indiana’s total exports) in 2012, and is now second in the United States just behind California. The state moved up a spot, passing Texas, and distributed $177,000 of products per worker. These exports and local research, development and manufacturing activities contributed to a Hoosier life sciences industry that now delivers a $55 billion total impact for the state’s economy.
“Since 2002, Indiana's life sciences industry has advanced through increased collaboration, a greater emphasis on moving research forward, and national recognition for leadership in the life sciences,” said David L. Johnson, president and CEO, BioCrossroads, Indiana’s initiative for investment, development and advancement of the state’s signature life sciences strengths. “Given current market challenges across many parts of this sector, these are strong and promising statistics for us.”
The number of workers stayed steady with 55,000 people at nearly 1,900 companies in the areas of drugs and pharmaceuticals, medical devices and equipment, agricultural chemicals and feedstock, medical, research and testing laboratories and biologistics. The number of companies dropped slightly from 2011 to 2012, due to a decreased number of biologistics companies; however, employment numbers in that sub-sector actually rose slightly.
New discoveries and products continue to be developed by the pharmaceutical, agricultural and medical device and equipment companies. There were 648 patent filings, up from 489 in 2011 for life sciences-related innovations, and 96 new products were approved by the U.S. Food and Drug Administration.
Other key findings:
• The average annual wage for a life sciences worker is now $89,056, compared to $41,357 for the average private sector wage.
• Indiana life sciences workers earn nearly $5 billion in annual wages.
This data, generated by the Indiana Business Research Center at the Indiana University Kelley School of Business and BioCrossroads, is from 2012 (the most recent available).
Indiana is home to the global headquarters for: Biomet, Cook Medical, DePuy Orthopaedics, Dow AgroSciences, Eli Lilly and Company, WellPoint, and Zimmer and the North American headquarters of Roche Diagnostics; Beckman Coulter, Boston Scientific, Covance, Express Scripts, Mead Johnson, and Medtronic have major operations located within the state.
About BioCrossroads
BioCrossroads (www.biocrossroads.com) advances Indiana’s signature strengths in the life sciences by connecting with corporate, academic and philanthropic partners; facilitating investments in promising start ups and building new enterprises; and educating through conferences, reports and market development knowledge. The initiative supports the region's existing research and corporate strengths while encouraging new business development and has formed several new nonprofit organizations, including Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx, and Datalys Center.
BioCrossroads' 2013 annual report which includes this information and other statistics is available at www.biointellex.com and www.biocrossroads.com.
Source: BioCrossroads