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.
