Increases in workforce, wages, exports and a $79 billion economic impact demonstrates Indiana’s life sciences leadership
INDIANAPOLIS, Ind., March 5, 2019 — Indiana’s life sciences industry celebrated an active 2018 with several notable developments and continued its national prominence with a continuation of strong workforce, wages and company statistics. The economic impact of the state’s life sciences industry – comprised of pharmaceutical, medical device and equipment, agbiosciences, research, testing and medical laboratories and biologistics – continues to grow and is now at $79 billion1 (according to data provided to BioCrossroads by the Indiana Business Research Center [IBRC] at the Indiana University Kelley School of Business).
Indiana’s number of life sciences companies increased for a second year to 1,7511 from 1,689 last year and an increase of employees, now totaling 56,3231. The average wages for the life sciences sector was $97,6071 per worker, resulting in a life sciences payroll total of $5.5 billion1 for the state.
In addition, innovation at Indiana companies remained strong with the state ranking as the second highest exporter of life sciences products in the U.S for the eighth straight year with $10.2 billion of exports.1 Meanwhile, 85 new products gained approval from the U.S. Food and Drug Administration, according to the IBRC.
Also significant is a record-breaking year for Indiana’s life sciences venture capital investments: $115 million was invested in 34 life-sciences start-up companies. Other developments on the funding side included Elanco’s spin out from Eli Lilly and Company through a highly successful initial public offering and has the sixth highest market capitalization in the state2, and BioCrossroads’ launch of their third seed fund installment, Indiana Seed Fund III. The Seed Fund made two new investments to fuel Indiana’s most promising life sciences start-ups.
A life-changing treatment for bone diseases developed by researchers at the Indiana University School of Medicine received U.S. Food & Drug Administration approval, at the same time as the Medical School received one of the largest National Institutes of Health awards in its history to the Indiana Clinical and Translational Sciences Institute; Cook Regentec’s “collaboratory” expanded its facility at the south side of 16 Tech’s Innovation District; Endocyte, originally a Purdue University start-up, entered into an agreement to be acquired by Novartis for $2.1 billion; and Eli Lilly and Company announced that they will have a Diabetes Center of Excellence at the Indiana Biosciences Research Institute in connection with the Indiana University School of Medicine.
“Indiana’s life sciences industry continues to grow and to maintain national significance across its key indicators of success: number of companies and employees and economic impact. Innovation at universities, start-ups and our corporate entities is thriving, and it was a record year for venture capital investment,” said Nora Doherty, interim president and CEO of BioCrossroads.
Indiana is home to the global headquarters for: Anthem, Inc., Assembly Biosciences, Cook Medical, Elanco, Eli Lilly and Co. and Zimmer Biomet, and the North American headquarters of Roche Diagnostics; Baxter, Beckman Coulter, Boston Scientific, Corteva Agriscience, Agriculture Division of DowDuPont, Covance, DePuy Orthopaedics, Express Scripts, Mead Johnson/ Reckitt Benckiser, and Medtronic, all host major operations in the state.
BioCrossroads (www.biocrossroads.com) is Indiana’s initiative to grow the life sciences, a public-private collaboration that supports the region’s research and corporate strengths while encouraging new business development. BioCrossroads provides money and support to life sciences businesses, launches new life sciences enterprises, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry. The initiative has formed several new nonprofit organizations, including Indiana Health Information Exchange, BioCrossroadsLINX, OrthoWorx, Datalys Center and the Indiana Biosciences Research Institute.
1 2018 data from the Indiana Business Research Center (IBRC)
2 As of 12/31/2018
This data, generated by the Indiana Business Research Center at the Indiana University Kelley School of Business and BioCrossroads, the most recent available data (see footnote for specifics).