Study: Life Sciences Industry Tallies Increasing Impact

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(Graphic courtesy of BioCrossroads.) (Graphic courtesy of BioCrossroads.)

Indiana's life sciences growth initiative has announced new figures showing the sector's economic impact is again on the rise. BioCrossroads says a report  from the Indiana Business Research Center at the Indiana University Kelley School of Business pegs the industry's annual impact on the state at $78 billion. Nearly 55,700 jobs are tied to life sciences with a growing roster of companies that now number 1,689.

BioCrossroads Chief Executive Officer David Johnson says "our steady numbers for companies, employees and exports serve as ready confirmation that when it comes to the life sciences industry, Indiana indeed remains a 'Tier I' state."

Other highlights of the annual report include:

  • 2017 saw three separate transactions of around $1 billion -- Eli Lilly and Co.'s CoLucid acquisition, the sale of Cook Pharmica in Bloomington to New Jersey-based Catalent Inc. (NYSE: CTLT) and Assembly BioSciences’ market capitalization.
  • Indiana remains second-biggest importer of life sciences products in the U.S.
  • Life sciences jobs pay, on average, $94,941 per year and employers' payroll totals some $5.3 billion annually.
  • 80 new products from Indiana companies received U.S. Food and Drug Administration approval in 2017.
  • 33 startups secured $107 million in venture funding.
  • Warsaw-based OrthoPediatrics Corp.'s (Nasdaq: KIDS) Initial Public Offering last year was one of two IPOs on public exchanges all of last year by Indiana companies.

BioCrossroads defines the life sciences industry as pharmaceutical, medical device and equipment, agbiosciences, research, testing and medical laboratories and biologistics businesses.

You can connect to more about the annual report by clicking here.

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