Life Sciences Salaries Approach $100K

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A new study from the Indiana Business Research Center at Indiana University pegs the economic impact of the state's life sciences sector at $62 billion. The research shows the industry in Indiana involves some 1,700 companies, employing nearly 57,000 Hoosiers. BioCrossroads Chief Executive Officer David Johnson says rising wages, which now average close to $97,000 a year, standout in the report.

Johnson says this round of statistics are "all good and, in fact, getting better all the time." The state's life sciences initiative says the study shows Indiana is still the second-largest life sciences exporter in the country, a total of $9.9 billion. These products make up nearly one-third of all exports from the state. The industry covers a wide range of fields, including biologistics, drugs and pharmaceuticals, medical devices and equipment, agricultural chemicals and feedstock as well as medical, research and testing laboratories.

Johnson tells Inside INdiana Business challenges still exist in raising capital. He says this set of data does not go into detail about investments, but "we need to do better. There's a constant need for more capital formation to advance the progress of companies here even faster." Johnson adds sourcing capital investment is not a problem unique to Indiana, "it's a challenge for all states except for maybe Massachusetts and California these days."

He says "innovation and talent are intertwined and embedded in the DNA of Indiana's life sciences industry. The numbers are strong across the board, but adding more innovation and talent and finding a collection point to drive that activity is critical to our continued success. Having both the Indiana Biosciences Research Institute and 16 Tech as part of our community offers our region and state with a unique opportunity to transform our already strong life sciences community."

The global headquarters for Anthem Inc., Cook Medical, DePuy Orthopaedics, Dow AgroSciences, Eli Lilly and Co., and Zimmer Biomet all call Indiana home.

Johnson tells Inside INdiana Business global manufacturing is an important part of Indiana's life sciences industry.
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