Life Sciences Face Challenges, but Indiana is Positioned to Succeed

Hundreds of Indiana’s life sciences and business leaders gathered at the IBJ Life Sciences Power Breakfast to reflect on our state’s momentum and the work still ahead. While there was plenty of good news shared about our state’s progress, we’re keeping our eyes wide open.

There was much to celebrate. Indiana is now the top state in the nation for life sciences exports, a title we also hold for pharmaceutical exports. The sector generates $99 billion in economic impact annually. And according to Plug and Play founder and longtime Silicon Valley leader Saeed Amidi, Indiana’s lack of oceans or mountains is irrelevant when you consider our ecosystem of global biotech companies, emerging startups, and world-class research institutions. Saeed said, “This can be the center of the health technology world.”

That optimism was underscored by a major announcement from the Indiana University Launch Accelerator for Biosciences (IU LAB): a $4.5 million, three-year commitment from IU Health to establish the IU Health Incubator at the 16 Tech Innovation District. The funding supports a new partnership between IU LAB, the Central Indiana Corporate Partnership (CICP), and global venture firm Plug and Play Tech Center to accelerate the growth of high-potential life sciences startups. As part of the broader initiative, Madison-based accelerator gener8tor will run a pre-accelerator program for early-stage companies still developing their products, while Plug and Play and CICP will lead a follow-on accelerator for startups with viable products and demonstrated market traction, preparing them for fundraising and scale.

The message was clear: Indiana is an increasingly exciting home for the life sciences. But even in Indiana, with our love of racing, there’s no such thing as a finish line. We must do a better job of tightly branding who we are and what we offer, helping us to directly compete with the Bay Area, San Diego, Boston, and Research Triangle Park in North Carolina. U.S. cities everywhere are working to attract life sciences organizations because they understand the direct line between economic development and the sector. And yet, the environment is increasingly choppy: tariffs could impose undue pressure on our exports, and grants from the National Institutes of Health – pivotal to helping our research organizations succeed – could be cut drastically by the federal government. There are plenty of land mines to navigate.

Our progress has been meaningful, and our top priority is ensuring Indiana organizations continue to succeed. Fortunately, we are working from a position of strength. We will continue to leverage our assets to build talent and incentives across a vibrant Hoosier State.


Watch the Recap

FrameWORX: Translating Research into Marketable Solutions

 

Collaboration often is the key to success in business. And when it comes to life sciences, you can double down. Numerous functions and areas of expertise are needed to transform an idea into reality, and we learned more about Indiana’s ability to partner our way to life sciences leadership at our latest FrameWORX on March 13.

First, some context: Indiana has been a life sciences leader for decades. Eli Lilly and Company was founded in 1876 and for decades ushered through innovations that address diabetes, depression, schizophrenia, Alzheimer’s, obesity, and other challenging conditions.

Today, Indiana leads the U.S. in pharmaceutical exports and we’re No. 2 in life sciences exports. Our life sciences industry contributes $95 billion toward the Hoosier State’s economy and Indiana ranks among the top 5 states in life sciences employment.

Unleashing innovation is leading to strong growth – and commercializing scientific opportunities is paramount to achieving next-generation success. But going it alone – regardless of your size, strength, or location – is rarely optimal in the life sciences. Leaders from academia and industry alike talked about leveraging the newest opportunities before a capacity FrameWORX crowd at 16 Tech.

Critical to Indiana’s growth opportunities are organizations and resources that facilitate success. BioCrossroads has been around for more than two decades and has supported much of Indiana’s recent growth by facilitating funding and collaboration that fuel our state’s work.

We kicked off the event with a candid conversation about innovation and entrepreneurship in Indiana’s life sciences sector. Moderated by BioCrossroads’ Chief Innovation Officer Mike Bolinder, the panel featured Diana Caldwell of Amplified Sciences, Richard Church of Parkview Health, and Derek Small of Luson Bioventures. Each brought a unique perspective—startup founder, health system leader, and investor—but all emphasized the same truth: bringing a breakthrough to market takes more than a good idea. It takes a strong network, trusted partnerships, and an ecosystem that understands both the science and the business behind innovation. From early lessons learned to the value of local collaborations, the discussion offered a powerful reminder of why Indiana continues to be a launchpad for life sciences success.

Key leaders coming from academia joined the conversation including David Rosenberg, president and CEO of IU Launch Accelerator for Biosciences or IU LAB, David Umulis, senior vice provost for Purdue University in Indianapolis and director of the EMBRIO Institute, and Paul Bohn, director of the Bioengineering and Life Sciences (BELS) Initiative at the University of Notre Dame. We also heard from Alan Palkowitz, president and CEO of the Indiana Biosciences Research Institute, who underscored the importance of moving quickly in today’s competitive environment.

“We need to invest and move quickly,” he said “We need to move forward with detail, with robust data, and reveal gaps that need to be filled. We also need to ask ourselves: what is the best quality product to move forward?”

Hoosier companies and innovators have important resources at their fingertips. Collectively, we find ways to turn ideas into innovation … and turn innovation into commercial success. We’ll be talking more about these organizations and how they support Hoosier innovators in the months ahead.

See the Agenda
BioCrossroads is proud to announce that GeniPhys has been named the recipient of the inaugural BioCrossroads Life Sciences Innovation Team of the Year Award at the 2025 TechPoint Mira Awards, held this evening at the Palladium in Carmel.

Presented for the first time at Indiana’s premier technology and innovation awards event, this new category honors life sciences teams in Indiana that have demonstrated groundbreaking advancements in research, development, and application to improve patient outcomes.

GeniPhys, based in Indianapolis, was recognized for its innovative work in developing biomaterials that enhance tissue regeneration and wound healing. Their dedication to pushing the boundaries of life sciences exemplifies the spirit of innovation that strengthens Indiana’s leadership in the health, biotechnology, medical device, and pharmaceutical sectors.

“BioCrossroads is thrilled to recognize GeniPhys with our inaugural innovation award,” said Vince Wong, BioCrossroads’ President & CEO. “The exceptional quality of the finalists highlights the depth of talent and innovation in Indiana’s life sciences sector. GeniPhys’ novel collagen-based biomaterial platform has great potential to address a critical unmet need in regenerative medicine, so we are pleased to highlight their promising innovation.”

We also extend our congratulations to all our finalists:

Each of these organizations represents the ingenuity, collaboration, and forward-thinking spirit that make Indiana a global leader in life sciences.

As an initiative of the Central Indiana Corporate Partnership (CICP), BioCrossroads is dedicated to advancing Indiana’s life sciences sector by supporting the innovators, organizations, and collaborations that drive growth, discovery, and improved patient outcomes.

Learn more about the Mira Awards and other 2025 winners here.



2025 FrameWORX Series: Driving Indiana’s Life Sciences Forward

For more than two decades, BioCrossroads has brought together Indiana’s life sciences community—fueling collaboration, innovation, and industry growth. This year, we’re excited to unveil the 2025 FrameWORX series: a platform to ignite dialogue and discover solutions for the next generation of life sciences. From accelerating research commercialization to supporting specialized areas like orthopedics and nuclear medicine, FrameWORX is designed to bring diverse stakeholders—entrepreneurs, researchers, educators, and policymakers—into the same room to tackle emerging challenges and opportunities head-on.

March 13: Innovation and Industry Growth – Translating Research into Marketable Solutions

Great science is only the first step. Converting groundbreaking discoveries into practical applications requires strong networks, targeted resources, and a supportive ecosystem. This session will explore how to effectively move ideas from the lab to the marketplace—highlighting the role Indiana plays in fostering entrepreneurship and industry growth.

Register for March FrameWORX

June 12: Workforce Resilience in Life Sciences – Retaining Top Talent in a Competitive Market

A skilled and adaptable workforce is essential to maintaining Indiana’s leadership in life sciences. This discussion will focus on workforce development efforts, innovative training models, and strategies for attracting and retaining top talent. In an increasingly competitive environment, resilient and well-prepared professionals are more important than ever.

Register for June FrameWORX

August 20: Warsaw/Orthopedic Capital of the World

Indiana’s orthopedic sector is a global leader in musculoskeletal innovation and medical device manufacturing. Hosted in Warsaw—often referred to as the “Orthopedic Capital of the World”—this session will showcase advancements in orthopedics, while examining how continued investment, cutting-edge research, and strategic collaboration are shaping the future of this vital sector.

Registration will open soon for August FrameWORX

December 4: Nuclear Medicine Manufacturing and Our Growing Opportunities

As nuclear medicine continues to advance, Indiana has an opportunity to further establish itself as a leader in this high-growth sector. This session will delve into the state’s expanding role in manufacturing, research, and workforce development to meet the growing demand for radiopharmaceuticals and nuclear medicine technologies.

Register for December FrameWORX

As we look ahead to 2025, we invite you to make your voice heard. FrameWORX is more than a series of events; it’s an open forum where ideas turn into plans and plans turn into action.

Join us throughout the year for these dynamic sessions, connect with peers, and help shape the future of Indiana’s life sciences sector.

We can’t wait to see you there!

Register here

Back to FrameWORX

A Glimpse into the Future of Nuclear Medicine

Our FrameWORX series this year has been a fascinating journey through the pillars of our strategic life sciences plan for Indiana. Our final event of the year – held earlier this month at the Indiana Biosciences Research Institute – can feel like a big gulp of science. But no area captures Indiana’s life sciences growth like nuclear medicine and radiopharmaceuticals.

Indiana leads the nation in conventional pharmaceutical exports, and at least 14 life sciences companies today are developing and manufacturing radiopharmaceuticals – propped by our state’s central location and logistics expertise. Decades of life sciences leadership are complemented by the logistics required to produce treatments and diagnostics that leave little room for shelf life. Radioactive materials degrade quickly, and each dose must reach the intended patient within 3 to 5 days from production. Indiana’s FedEx hub, the second largest in the world, is a major advantage – as is the fact Central Indiana is a 12-hour drive from approximately half the U.S.

Indiana is on the leading edge of a booming technology. Nuclear medicine is a $6 billion industry in the U.S. and is expected to triple in the next 7 years. Heartland BioWorks, designated a regional technology and innovation hub by the federal Economic Development Administration, has established BioTrain, an institute designed to prepare talent for entry-level biomanufacturing roles. BioTrain will be located at the 16 Tech Innovation District. And just north of Indianapolis, Purdue has the nation’s largest nuclear medicine pharmacy program in the country.

As demonstrated at our FrameWORX, radiopharmaceuticals are used in nuclear medicine imaging and procedures – particularly for prostate and other cancers. They are administered systemically, but their biomolecular properties cause them to localize in specific tissues. Years ago, doctor might use a sledgehammer approach to treatment – in other words, diagnose and treat a large swath of the body to address diseases that were challenging to pinpoint. Radiopharmaceuticals are more like using an arrow and bull’s eye. Precision leads to less invasiveness and more precise treatments for patients.

Researchers and business leaders from IU School of Medicine, Purdue, life sciences companies, and the patient advocacy world drove a robust discussion about the future of radiopharmaceuticals. Perhaps no one said it better than Geoff Towle, a vice president and senior general manager at Novartis. Geoff joined us from his New Jersey headquarters because his company has built a large radiopharmaceutical manufacturing plant in Indianapolis.

“This feels like reimagining medicine,” he said. “Nuclear medicine is incredibly effective and exquisitely targeted. Patients are waiting for this and that’s what we need to focus on.”

Thank you to our December FrameWORX Presenting Sponsor

Dave Ricks, CEO of Eli Lilly and Company, Recognized as 2024 Watanabe Life Sciences Champion for Pioneering Leadership in Indiana’s Life Sciences Industry

INDIANAPOLIS (Nov. 7, 2024) — BioCrossroads has named Dave Ricks, CEO of Eli Lilly and Company, as the recipient of the 2024 August M. Watanabe Life Sciences Champion of the Year Award. The prestigious honor was presented at the annual BioCrossroads Life Sciences Summit, recognizing Ricks’ significant contributions to Indiana’s life sciences sector and his global impact on healthcare innovation.

Under Ricks’ visionary leadership, Lilly has strategically invested billions into research and development to tackle some of the most challenging diseases with high unmet need. This strategy and dogged commitment to innovation has propelled Lilly to the forefront of developing innovative treatments in areas such as obesity, diabetes, oncology, immunology, and neurodegenerative diseases including Alzheimer’s, Parkinson’s, and ALS. Lilly played a key role in bringing patients vital COVID-19 therapies. In 2024 alone, Lilly has committed over $9B in capital investments in Indiana, which will undoubtably have a transformative impact on the state for generations to come.

“We are thrilled to honor Dave Ricks with the August M. Watanabe Life Sciences Champion of the Year Award,” said Vince Wong, President and CEO of BioCrossroads. “His visionary leadership and strategic focus on innovation at Lilly have not only advanced the life sciences industry in Indiana but have also made a profound global impact on healthcare. Dave exemplifies the spirit of discovery and collaboration that this award represents.”

The August M. Watanabe Life Sciences Champion of the Year Award, presented by BioCrossroads, was established in honor of BioCrossroads’ late chairman, Dr. August “Gus” M. Watanabe, an esteemed and transformative figure in Indiana’s life sciences community.

The award celebrates those who have significantly advanced the development, education, and promotion of Indiana’s life sciences and healthcare sector; personify the emerging face of the industry; and drive innovative developments that have both local and global impacts. Past distinguished honorees have come from diverse backgrounds, including entrepreneurial ventures, research, corporate leadership, medical practice, academia, and philanthropy.

Dr. Watanabe’s passion and impact on Indiana’s life sciences community were transformative and enduring. Beyond his professional accomplishments, his caring and nurturing spirit continues to inspire the many people he touched throughout his career. Each recipient of this award embodies Dr. Watanabe’s legacy, contributing profoundly to the state’s growth in life sciences through their dedication and cumulative efforts.

Previous August M. Watanabe Life Sciences Champion of the Year award winners include:

BioCrossroads Announces the 2024 Indiana Life Sciences Summit, “Transforming Healthcare: Indiana’s Role in Revolutionizing Diabetes and Obesity Management”

INDIANAPOLIS (July 15, 2024) – BioCrossroads is excited to announce the annual Indiana Life Sciences Summit, scheduled for November 7, 2024, at the Biltwell Event Center in Indianapolis. The Summit will focus on “Transforming Healthcare: Indiana’s Role in Revolutionizing Diabetes and Obesity Management,” highlighting Indiana’s significant impact on healthcare, particularly in the development of GLP-1 therapies, which are revolutionizing diabetes and obesity care, and the opportunities that lie ahead for continued advancement of future therapies. GLP-1 therapies, developed and delivered through the relentless efforts of Indiana’s researchers and companies, have emerged as vital tools in managing obesity and diabetes, offering new hope to millions worldwide.

Nationwide, more than 38 million[1] Americans are living with diabetes, with obesity being linked to as many as 53 percent of new cases of type 2 diabetes each year.[2] In Indiana, more than 12% of the adult population is living with diabetes, with an estimated 31,200 more adults expected to be diagnosed every year,[3] and Indiana’s obesity rate is higher than the national average and has been increasing steadily over the past 20 years. As of 2021, 36.3 percent, more than two-thirds of adults in Indiana were obese and 33.3% were overweight. This places Indiana 12th in the nation for obesity[4]—making the demand for effective solutions even more critical.

“Indiana’s contributions to GLP-1 therapies are also setting new standards in the global fight against obesity and metabolic diseases,” said Vince Wong, CEO of BioCrossroads. “The 2024 Indiana Life Sciences Summit is a compelling platform to highlight the pivotal role Indiana has played in bringing transformative innovation to address some of the most challenging unmet needs in healthcare and to gain insights into future developments that will benefit patients, not only in Indiana, but throughout the world. By bringing together industry leaders, researchers, and patients, we aim to foster collaboration and inspire further breakthroughs in diabetes and obesity care.”

A highlight of the event will be the presentation of the prestigious August M. Watanabe Life Sciences Champion of the Year Award, honoring exceptional contributions to life sciences in Indiana. Named in memory of Dr. August “Gus” Watanabe, a visionary in the industry, this award recognizes outstanding achievements and significant contributions in life sciences.

Secure your front row seat for this impactful discussion. Register now and join BioCrossroads at the 2024 Indiana Life Sciences Summit. For more information and to register, please visit BioCrossroads.

Transforming Healthcare, Indiana’s Role in Revolutionizing Diabetes and Obesity Management

Save the Date: November 7, 2024
Location: Biltwell Event Center, Indianapolis
Time: 9:00 AM – 3:30 PM

Register Here

 

About BioCrossroads
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 biocrossroads.com.

[1] CDC National Diabetes Statistics Report [2] American Heart Association Obesity and Diabetes Link [3] American Diabetes Association. The Burden of Diabetes in Indiana [4] Richard M. Fairbanks Foundation, Indiana’s Obesity Epidemic

Leading by Example: Life Sciences Manufacturing in Indiana

From Development to Delivery: Indiana’s Edge in Life Sciences Manufacturing

Indiana’s heritage in life sciences manufacturing dates back more than 100 years. In 1923, Eli Lilly and Company became the first-ever organization to mass produce insulin for patients living with diabetes—helping change the trajectory of countless lives around the world.

Indiana stands as a leader in manufacturing, drawing envy from states nationwide. Our state leads the nation in pharmaceutical exports and holds the second place in exporting life sciences products. The path ahead is marked by significant opportunities, such as Lilly’s $9 billion manufacturing pledge in Boone County, our pioneering role in radiopharmaceutical manufacturing, and Ivy Tech’s recent unveiling of a 4,000-square-foot Biopharma Science and Technology Lab. These developments position Indiana at the forefront of potential growth, provided we maintain our focus and continue to drive forward with unwavering commitment.

Our latest FrameWORX discussion on manufacturing was held before an overflow crowd on June 20 in the Fishers Life Sciences and Innovation District, another Central Indiana community that is booming with life sciences jobs.

Our host, INCOG BioPharma Services, has been around less than five years and recently received FDA approval for a new sterile injectable facility, positioning the company as an emerging contract manufacturing leader. Our other guests – representing diverse organizations such as Lilly, Purdue, IEDC, Langham Logistics, and Stevanato Group – agreed that Indiana’s leadership was underscored by the diverse and engaged crowd that showed up to learn and discuss how we can sharpen our skills.

There’s no finish line when it comes to life sciences manufacturing. Like the rest of the world, technology and customer needs are moving fast: AI, digital twins, and continuous manufacturing are evolving quickly, and Hoosier companies must keep up. Other states want what we have here – but we must keep the conversation going.

Thank you to our expert panelists:

Thank you to our series title sponsors, Faegre Drinker, as well as our presenting sponsors and hosts for this event, INCOG BioPharma Services.

Join us on September 18 for our next FrameWORX, Fueling the Future: Indiana’s Life Sciences Workforce.

Bob Vitoux, president and chief executive officer of OrthoWorx – which works to advance the thriving orthopedic industry in Warsaw – shared a revealing story last week during our May FrameWORX at 16 Tech.

Plug and Play, a leading global innovation platform that connects startups with corporations, governments, and organizations to drive innovation and create mutually beneficial partnerships, held a ribbon-cutting ceremony for a new MedTech office in Warsaw – supporting a community that already is the Orthopedic Capital of the World. Among the dignitaries in attendance was Gov. Eric Holcomb. He told the audience: “Indiana used to be a flyover state. Now, fly over at your own peril.”

Wise words – relevant not only to the growth we’re seeing in Warsaw but across Indiana.

The life sciences are seeing significant traction across the U.S. and Indiana is right in the mix. Life sciences organizations here secured $5.5 billion in capital and investments last year while making a $95 billion contribution to the state’s economy. And key stakeholders, who are playing a crucial role in that growth, joined our May FrameWORX, sharing insights into one of Indiana’s real strengths: our life sciences hubs and collaboration across the Hoosier State.

The hubs were represented by Warsaw, West Lafayette, and Bloomington. Warsaw is a real success story that should make all Hoosiers proud with world-leading orthopedic manufacturers sprinkled across a beautiful community in northeast Indiana. Bloomington and West Lafayette are leveraging unique opportunities with leading universities in their backyards. Indiana University secured $772 million in sponsored research awards in 2023 and is investing $250 million in biosciences – including a $60 million investment into expanded new lab and research space.

In West Lafayette, meanwhile, Purdue has the No. 1 nuclear pharmacy program in the nation and received a record-breaking $613 million in research funding in fiscal year 2023. Lafayette is also third in the U.S. among medium-sized metropolitan areas for drug and pharma employment.

Collectively, our life sciences clusters are advancing Indiana’s workforce, economy, and innovation that help people with needs everywhere. We’ll take another look at our sector on June 20 through the lens of advanced manufacturing and how Indiana is filling important gaps. And we’re taking our show on the road to the Fishers Life Sciences and Innovation District where we’ll visit INCOG BioPharma Services, a state-of-the-art contract development manufacturing organization.

Join us on June 20 for FrameWORX – From Development to Delivery: Our Edge in Life Sciences Manufacturing
Register Here
Watch The Recap

BioCrossroads is excited to announce FrameWORX: Innovating Across Indiana: The Strengths of Our Regional Life Sciences Hubs on Wednesday, May 8 at the Indiana Biosciences Research Institute.

This event will bring together key experts representing regional innovation hubs across Indiana, showcasing the groundbreaking achievements and future potential of our state’s innovation hubs. They will share insights into the innovation, collaboration, and advancements happening across Indiana’s life sciences ecosystem, thanks to these collective and focused regional efforts.

Speakers will include:

FrameWORX: Innovating Across Indiana: The Strengths of Our Regional Life Sciences Hubs
Wednesday, May 8
3:30-5:30 p.m.
Indiana Biosciences Research Institute

Future FrameWORX Events

BioCrossroads advances Indiana’s signature strengths in the life sciences by connecting with corporate, academic and philanthropic partners; facilitating investments in promising start ups; building new enterprises; and educating through conferences, reports and market development knowledge.

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