BioCrossroads, the state’s initiative to grow and invest in life sciences, is marking 20 years since its launch. The public-private collaboration has supported the state’s existing research and corporate strengths, while encouraging new business development through three venture capital funds and more than 500 startups. Life sciences has become an $80 billion industry for Indiana and BioCrossroads Chief Executive Officer Patty Martin says the sector touches all parts of the state.
Martin talked about the milestone for BioCrossroads in an interview on Inside INdiana Business with Gerry Dick.
“[Life sciences] has everything from laboratories to manufacturing; advanced manufacturing is a significant capability for life sciences in the state,” said Martin. “Indiana is the only state that’s manufacturing all three COVID vaccinations and we are manufacturing them by the tens of millions.”
Martin says talent is also key to the life sciences industry in Indiana, which pays about two times the normal average wage.
“That’s in all kinds of jobs and one of the things that we want to promote is we’ve been very successful in recruiting companies to the state of Indiana,” she said. “We need to make sure that our talent pipeline is ready to fill those jobs.”
Martin credits the Indiana Health Information Exchange, the Indiana Biosciences Research Institute, and the 16 Tech Innovation District in downtown Indianapolis for boosting the state’s presence in the life sciences.
She adds BioCrossroads has nearly fully invested its third seed fund. In all, the initiative’s three seed funds have supported 32 companies that have gone on to raise nearly $800 million in additional capital.
Inside INdiana Business Reporter Wes Mills contributed to this story.