Collaborative efforts in four key areas will establish Indiana as the leading state for advancing innovations into products that improve health and well-being.
INDIANAPOLIS (January 08, 2024) – Marking a significant milestone since Indiana’s designation as a federal Tech Hub in October 2023, BioCrossroads today unveils a groundbreaking strategic framework poised to catapult Indiana to the forefront of the global life sciences sector. This comprehensive industry strategy, crafted in collaboration with TEConomy Partners, is set to transform Indiana’s life sciences landscape, focusing on four pivotal areas:
- Fostering research and development and innovation
- Enhancing the state’s life sciences manufacturing ecosystem
- Boosting Indiana’s life sciences talent and workforce
- Supporting connections and outreach across the sector
This strategy is set to transform Indiana’s life sciences sector through the development of strategic manufacturing hubs and targeted investments that enhance the state’s domestic manufacturing capabilities. These efforts are designed to help position the state as both the national leader in pharmaceutical manufacturing and a top-five leader in medical device manufacturing.
Achieving these goals hinges on more than just infrastructure and investment; it requires the cultivation of a strong educational and talent pipeline. The development of skilled professionals is crucial for sustaining and advancing Indiana’s life sciences sector, and an intentional focus on education and talent development is key to ensuring that the sector not only meets but exceeds its objectives.
With a $77 billion economic impact and 64,000 Hoosiers contributing to its success, Indiana’s life sciences sector is a testament to the power of collaboration. The state is the national leader in pharmaceutical exports and ranks third in overall life sciences exports, with $13 billion in 2022 alone.
“Indiana’s life sciences sector has been instrumental in the state’s economic progress for more than two decades,” said Dan Peterson, chair of the BioCrossroads Board of Directors. “With this new enhanced strategy, we’re not just building on this solid foundation. We are setting a dynamic course for groundbreaking innovation and life-changing advancements in both existing and emerging areas of differentiated competencies.”
These efforts will enhance Indiana’s life sciences capabilities in key areas, such as neuroscience, leveraging the state’s significant progress in addressing Alzheimer’s and other neurodegenerative diseases. It will also capitalize on Indiana’s strengths in pharmaceuticals, particularly in biomanufacturing and burgeoning fields like radiopharmaceuticals, where the state is already achieving remarkable progress, as well as capitalize on cutting-edge orthopedic advances happening in Warsaw, Indiana, the Orthopedic Capital of the World.
“The recent Tech Hub designation, combined with BioCrossroads’ enhanced strategy, is a pivotal moment for our state,” said Dave Roberts, CEO of Applied Research Institute (ARI). “This alignment of strategic vision and federal recognition will engage innovators across Hoosier communities and will be key to integrating advanced technologies.”
“BioCrossroads’ industry sector strategy now focuses on more than just advancing innovation; it’s about creating critical infrastructure for life sciences manufacturing and establishing a structured workforce pipeline,” Peterson said. “This comprehensive approach, developed with a diverse range of industry stakeholders, will require a unified effort between public and private partners across Indiana to ensure the sector’s continued success and for Indiana’s ongoing global leadership.”
Increasing strategic engagement and collaboration among the state’s research universities, early-stage entrepreneurs, and the broader industry is crucial to cultivating skilled talent to support the sector’s evolution. By strengthening connections between higher education institutions and the industry, Indiana will improve the talent-to-industry pipeline, boost local economies, and retain talent, which directly addresses the challenge of human capital flight, often referred to as “brain drain,” particularly in smaller Hoosier communities.
“Indiana stands at the threshold of a transformative era,” said Melina Kennedy, CEO of Central Indiana Corporate Partnership (CICP). “Our state’s life sciences sector affects the lives of all Hoosiers and countless individuals globally. With our comprehensive strategic framework and impending new leadership at BioCrossroads, we are reinforcing our status as an innovation hub and ensuring our contributions have a lasting, positive impact.”
This comprehensive strategy marks a new chapter in Indiana’s journey toward becoming a global epicenter of life sciences innovation, providing a clear roadmap for integrating advanced research, a skilled workforce, and a robust manufacturing ecosystem. This long-term commitment will ensure continued support for sustainable statewide development—fostering an environment where research and manufacturing don’t just coexist but thrive.
Read the full TEConomy Partners report: A Strategic Roadmap for Advancing Indiana Life Sciences
Established as a catalyst to advance, grow and invest in Indiana’s life sciences sector, BioCrossroads is an initiative of the Central Indiana Corporate Partnership (CICP). It supports the region’s existing enterprises and encourages new business development. The initiative fosters public-private collaboration by uniting a diverse range of academic, industry, and philanthropic stakeholders, all collectively focused on advancing Indiana’s life sciences sector. Committed to supporting the growth of capital investments and talent development, BioCrossroads provides support to both existing and new life sciences enterprises, including the Indiana Health Information Exchange, OrthoWorx, and the Indiana Biosciences Research Institute. BioCrossroads champions the advancement of cutting-edge research and development, plays a crucial role in building and nurturing a robust talent pipeline, and is dedicated to establishing Indiana as a thriving hub for life sciences manufacturing. To learn more about BioCrossroads, visit https://biocrossroads.com/.
About Central Indiana Corporate Partnership (CICP)
The Central Indiana Corporate Partnership (CICP) was formed in 1999 to bring together the chief executives of the region’s prominent corporations, foundations and universities in a strategic and collaborative effort dedicated to Indiana’s continued prosperity and growth. To advance this mission, CICP sponsors five key talent and industry sector initiatives, AgriNovus Indiana, Ascend Indiana, BioCrossroads, Conexus Indiana and TechPoint, each of which addresses challenges and opportunities unique to its respective area: agbiosciences, talent and workforce development, life sciences, advanced manufacturing and logistics, and technology. To learn more about CICP, visit www.cicpindiana.com.
About TEConomy Partners, LLC
TEConomy Partners, LLC is a global leader in research, analysis and strategy for innovation-driven economic development. Today we’re helping nations, states, regions, universities and industries blueprint their future and translate knowledge into prosperity. The principals of TEConomy Partners include the authors of the biennial TEConomy/BIO State Bioscience Development reports, published since 2004. For further information, please visit www.teconomypartners.com.