Research Pegs Indiana Life Sciences Impact at $63B

Posted: Updated:

The state's life sciences initiative says the industry's impact continues to get bigger. BioCrossroads says research from the Indiana Business Research Center at the Indiana University Kelley School of Business shows the industry's economic impact in 2015 rose to $63 billion. In all, more than 56,000 employees are tied to nearly 1,700 Indiana life sciences companies.

BioCrossroads Project Director Brian Stemme tells Inside INdiana Business challenges remain as Indiana works to grow its life sciences profile. "I think that we've got to keep working on work force. We've got to continue to invest in our employees and that means - not only at the bachelor's level, but at the associate degree level and certificate levels - people that can work in these facilities and make sure that we have FDA-compliant products," he said. Average salaries paid to life sciences employees increased to nearly $99,000 per year in 2015, with wages totaling $5.6 billion statewide.

Chief Executive Officer David Johnson says players from the pharmaceutical, medical device manufacturing and agbiosciences sectors to medical laboratories and biologistics companies have an "outsized" effect on the state. He says "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 over the past year." Indeed, nearly $10 billion in life sciences products are exported by Indiana companies, placing it second in the U.S. behind California.

Startup capital was also on the rise says BioCrossroads, with 27 early-stage businesses receiving nearly $90 million in funding last year.

You can connect to more about the industry's impact on the state by clicking here.

  • Perspectives

    • We’re Having the Wrong Conversations About Safety

      Every time there’s a shooting at a school or a workplace, the arguments begin. We need more police officers stationed in the buildings. We need to arm teachers or encourage employees to carry handguns. We should invest in smokescreen systems or bulletproof partitions. Everyone should hide from the shooter. Everyone should run from the shooter. Everyone should confront the shooter. It’s healthy that we’re discussing safety, but unfortunately, we’re talking...



  • Most Popular Stories

    • West Lafayette Center Breaks Ground

      West Lafayette city officials this week broke ground on the $31.5 million West Lafayette Wellness and Aquatic Center at Cumberland Park. Plans for the 72,000-square-foot project feature a natatorium, three gymnasiums, exercise machines, free weights and community rooms. 

    • Forbes Ranks Top Colleges; 3 Indiana Schools Make the Cut

      Forbes released its 12th annual ranking of America’s Top Colleges based on direct benefits a university or college provides its students. Several Indiana universities made the list in some “sub-categories”, like Grateful Graduates Index, but the University of Notre Dame was the only school in the state to break the top 20 overall rankings.

    • (photo courtesy of the Marshall County EDC)

      Wire and Cable Startup to Set Up Shop in Argos

      A startup wire and cable company has announced plans to launch operations in Marshall County. The Indiana Economic Development Corp. says Sequel Wire and Cable LLC will invest $53 million to purchase and equip the 50,000-square-foot Argos Manufacturing Center and create 120 jobs by the end of 2024. The company plans to expand the facility to more than 162,000 square feet and begin operations in early 2020. The $2.7 million Argos Manufacturing Center was built in part with...

    • (courtesy: Frank Logan/Military Vehicle Preservation Assoc.)

      Historic Military Convoy to Cross Indiana

      A sentinel moment of U.S. history is playing out Sunday in South Bend when the recreation of the U.S. Army Transcontinental Military Convoy rolls into town. Approximately 70 historic military vehicles are retracing the original 1919 cross country trip which traveled along the famed Lincoln Highway.

    • Keep Indianapolis Beautiful Names President and CEO

      Jeremy Kranowitz has been named president and chief executive officer of community nonprofit Keep Indianapolis Beautiful.  Kranowitz previously served as managing director for Sustainability of Hazon, an organization that focuses on environmental change, especially within Jewish communities.