CICP’s BioCrossroads initiative released a report this morning detailing the remarkable growth of Indiana’s life sciences industry over the last decade. “Indiana’s Life Sciences Industry: 2002-2010” was authored by Dr. Walt Plosila, who also led the development of CICP’s original economic cluster strategy with the Battelle Memorial Institute in 2000.
The study places Indiana’s $44 billion life sciences economy among a handful of national leaders in its concentration of jobs and diversity across a number of growing sub-sectors – pharmaceuticals, medical devices, and agricultural chemicals (with our medical testing and research sector poised to join the top tier as well). This economic powerhouse is putting lifesaving medicines and devices into the global market at a rapid pace – Indiana ranks third, behind only California and Texas, in life sciences exports.
And during a decade of relatively flat job growth capped by a deep recession, Indiana’s life sciences sector continued to create thousands of new jobs – the state’s life sciences employment has grown an amazing 21% since 2002. (And notably, the average wage of these jobs, at more than $80,000 a year, is nearly twice the average private sector job earnings for Hoosiers.)
In short, the life sciences continues to be a driver of economic growth for Indiana, and certainly BioCrossroads has contributed to this momentum over the last decade as the initiative has raised nearly $250M in venture capital and other funding to support promising life sciences ventures and partnerships across the state. We encourage you to check out the report at www.biocrossroads.com or by clicking the image to the left.