New statistics show continued growth in several areas of Indiana’s life sciences sector

INDIANAPOLIS, (March 2, 2023) — Indiana leads the United States in pharmaceutical exports, according to new data from the Indiana Business Research Center at the Indiana University Kelley School of Business. Life sciences exports have always been a strong area for the state. Indiana has been one of the top three states in exports for all life sciences products – pharmaceuticals, medical device, and agbiosciences — for more than a decade. In 2022, $13 billion of these products were shipped all over the world.

In addition, 2022 saw a record amount of venture capital raised by Indiana start-ups for the third straight year – increasing to $620 million, an increase of nearly $200 million from 2021.

Other key indicators and statistics for 2022 include:

• The economic output of the state’s life sciences industry was $77 billion, driven by more than 2,700 companies. The number of companies increased by 9% over 2021.
• More people are entering Indiana’s life sciences industry with over 63,000 people across the pharmaceutical, medical device/equipment, agbiosciences, research, testing/medical laboratories, and biologistics companies.
• One thousand one hundred sixteen patents were granted and 43 new products were approved by the U.S. Food and Drug Administration.
• The average wage for the life sciences sector stayed fairly steady at just above $108,000 per worker, nearly double the state’s average wage, and delivering a total payroll of nearly $6.9 billion to the state.
• Twenty-five companies committed to invest over $2.8 billion, more than five times the amount for 2021, and to hire more than 3,000 employees, according to the Indiana Economic Development Corporation.

“Growth in key areas of Indiana’s life sciences industry, particularly in pharmaceutical manufacturing, where we now lead the U.S. in pharmaceutical exports, is strong. With 2022 announcements from Eli Lilly and Company and Evonik for major expansions, this trend will likely continue, which is great news for our economy and our workforce,” said Patty Martin, president and CEO of BioCrossroads. “It’s imperative that we continue working together to ensure that this critical sector is cultivated and promoted to drive more innovation and medical breakthroughs.”

Indiana is home to the global headquarters for: Cook Medical, Elanco Animal Health, Elevance Health, Eli Lilly and Company and Zimmer Biomet, and is the North American headquarters of Corteva Agriscience and Roche Diagnostics. Baxter, Beckman Coulter, Boston Scientific, Catalent, LabCorp, Mead Johnson/ Reckitt Benckiser, and Medtronic all host major operations in the state. In addition, the state has one of the largest and most prominent groups of contract development and manufacturing organizations in the U.S. with companies such as Azenta Life Sciences, Evonik, Inotiv, and Merck’s Contract Development and Manufacturing Organization.

About BioCrossroads

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.

This data, generated by the Indiana Business Research Center at the Indiana University Kelley School of Business and BioCrossroads, are the most recent available.