The chief executive officer of BioCrossroads says one of the key findings of a new report on the impact of the healthcare and life sciences sectors on central Indiana is the amount of venture capital investment in life sciences companies. The report shows Hoosier life sciences companies raised $262 million in 2020 and Patty Martin says ensuring a continuation of those investments is critical. “Indiana’s in a very unique situation in that we have three research universities here…we have the country’s largest medical school here and we have vested both large companies and entrepreneurial companies and those entrepreneurial companies are continuing to have spin-outs.”
Martin discussed the report in an interview on Inside INdiana Business with Gerry Dick.
The report, ESSENTIAL: The economic impact of Central Indiana’s healthcare and life sciences sector, shows the two sectors generate $84 billion in annual economic impact for the 14-county region. In addition to VC investment, the report also shows the importance of other types of investment, including an estimated $8.6 billion in research and development by commercial healthcare and life sciences companies last year, and a projected $2.3 billion in capital project spending from 2019-2023.
Martin says the report also shows the sectors’ impact in the response to COVID-19, which permeates into other industries such as manufacturing and technology. She says they wanted to take a look at why Indiana had such a favorable collaborative response to the pandemic.
“In addition to having companies like Lilly and Roche and Labcorp here, the cooperation with the health systems and the state of Indiana really were second to none and that doesn’t happen just on a time,” said Martin. “It’s years and years – over 100 years of investment in the sector – that was able to help us provide care, vaccines, antibodies to patients here in Indiana and around the world.”
Martin adds the numbers from the report is also a key factor in attracting and retaining quality talent for the healthcare and life sciences sectors.
“One thing that we know about Indiana’s life science sector and healthcare sector is that a lot of people around the country don’t know about it and once we get the word out, they’re really amazed by what we have to offer here – everything from our FedEx hub and airport to spectacular talent that is around the state, both from the medical school and also from our companies. So, this report is one way that we want to make sure that we get the word out.”
You can view the full report by clicking here.