Ricks: Indiana Focus Needed on New Economy

Eli Lilly and Co. (NYSE: LLY) Chief Executive Officer Dave Ricks says while Indiana has built a low tax, business friendly environment that is attractive, there needs to be a focus on non-traditional factors if the state is going to be successful in the new economy.

“Overall, business costs in the state are not really so driven by taxes anymore, they’re pretty low, but rather by healthcare and workforce costs,” said Ricks, who adds education, upskilling the workforce and healthcare are issues are what really matter to growing companies. “We do really well on many of the traditional markers like costs of business and tax, but we’re often in the bottom ten in these other areas. It’s time we all pay attention to that.”  

Ricks talked about business environment and the company’s outlook on this weekend’s edition of Inside INdiana Business with Gerry Dick.

“Indiana has been our home for almost 146 years, and it will remain that way,” said Ricks, who wants to see policy makers embrace “new economy issues” that would entice Lilly and other companies to invest in the state.

In January, Lilly announced plans to invest more than $1 billion in a new manufacturing plant in North Carolina that could create 600 jobs.