Study Tallies Life Sciences' Multi-Billion Dollar ImpactPosted: Updated:
An annual report from BioCrossroads suggests the state's life sciences sector has a $59 billion impact on Indiana's economy. That number has nearly doubled over the last 11 years. The results also indicate exports totaled $9.8 billion in 2013, placing Indiana just behind California among all states. February 4, 2015
INDIANAPOLIS, Ind. - Indiana continues to retain its strong leadership position in critical areas of its life sciences industry. According to 2013 data, life sciences exports accounted for $9.8 billion (nearly one-third of Indiana's total exports), the second highest number in the U.S. (behind only California), exporting $175,000 of products per worker. The state had a workforce of more than 56,000, an increase of over 1,000 from the previous year, with an average salary of more than $90,000. This combination of jobs, exports and local research, development and manufacturing activities contributes a $59 billion total impact for the state’s economy.
"BioCrossroads and its unique collaborations have achieved many milestones: raising successive and return-driven venture capital and seed funds to build new companies, driving cooperation among industry, university, government and philanthropic entities, and developing a one-of-a-kind biosciences research institute to accelerate research and commercialization," said David L. Johnson, president and CEO, BioCrossroads, Indiana's initiative for investment, development and advancement of signature life sciences strengths.
"The result is a vibrant life sciences community that, among many impressive accomplishments, has doubled its economic impact - $32 billion to $59 billion - in just eleven years."
More than 1,700 companies in the areas of drugs and pharmaceuticals, medical devices and equipment, agricultural chemicals and feedstock, medical, research and testing laboratories and biologistics are located throughout state. This number of establishments dropped slightly from 2012 to 2013, especially in the area of biologistics companies.
New discoveries and products are being developed at our pharmaceutical, medical device and agricultural companies and universities. Indiana companies filed 682 patent for life sciences-related innovations, and 99 new products were approved by the U.S. Food and Drug Administration. Indiana universities submitted 983 patent filings during the same period.
This data, generated by the Indiana Business Research Center at the Indiana University Kelley School of Business and BioCrossroads, is from 2013, the most recent available.
Indiana is home to the global headquarters for: Anthem, Inc., Biomet, Cook Medical, DePuy Orthopaedics, Dow AgroSciences, Eli Lilly and Company, and Zimmer and the North American headquarters of Roche Diagnostics; Beckman Coulter, Boston Scientific, Covance, Express Scripts, Mead Johnson, and Medtronic all have major operations located within the state.
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, Datalys Center and the Indiana Biosciences Research Institute.
BioCrossroads' 2014 annual report which includes this information and other statistics is available at www.biointellex.com and www.biocrossroads.com.