Indiana’s life sciences industry continues to be one of the strongest in the country according to a new report by the Biotechnology Innovation Organization. The BIO report, released at the organization’s annual global conference in San Francisco, says over 1,700 businesses in the industry employ more than 58,000 Hoosiers. It also ranks Indiana high in patents and research and development, but says the state continues to struggle when it comes to venture capital investment.
The third-party analysis, which BioCrossroads Project Director Brian Stemme calls the "gold standard," suggests job growth between 2012 and 2014, especially for pharmaceutical companies. Stemme tells Inside INdiana Business the report gives stakeholders "ammunition" for promotion and job attraction and retention efforts.
Indiana Health Industry Forum Chief Executive Officer Kristin Jones says the report is a valuable resource in multiple ways. She is attending the three-day 2016 BIO International Convention in California. Dozens of other Indiana organizations, educational institutions and companies are also at the largest-of-its-kind global event.
BIO also breaks down the strengths of several cities in Indiana that rate well among their peers. They include the metropolitan statistical areas of Bloomington, Evansville, Indianapolis, Lafayette, Michigan City, South Bend-Mishawaka and Terre Haute. BioCrossroads provided an analysis of the report and the Indiana MSAs.
It suggests the industry overall in Indiana grew by 1.4 percent over the two-year period and research universities in the state conduct some $582 million in life sciences R&D annually. Indiana’s strong sub-sectors include agricultural feedstock and chemicals; drugs and pharmaceuticals; and medical devices.
Stemme says stakeholder have "upped the level of innovation," which shows in the report: patents have increased and continue to come from such diverse areas of focus as medical devices, agriculture and biochemistry.
BIO’s four-page report details the industry in Indiana:
You can connect to the full industry report by clicking here.
Indiana Health Industry Forum Chief Executive Officer Kristin Jones says the report is a valuable resource in multiple ways.
BioCrossroads Project Director Brian Stemme tells Inside INdiana Business the report gives stakeholders “ammunition” for promotion and job attraction and retention efforts.