Indiana gains reputation, recognition of one of nation’s top life sciences destinations.
INDIANAPOLIS, Indiana, February 26, 2007 – Since the launch of BioCrossroads five years ago this month, Indiana’s life sciences industry has seen dramatic progress in key indicators of growth and success.
BioCrossroads was formed to be a catalyst for the continued growth of Indiana’s robust life sciences industry. BioCrossroads aims to create an environment in Indiana that provides more economic opportunity, a thriving entrepreneurial network, better healthcare and inspiration for young talent.
From 2002 to 2007, Indiana has seen its:
- Venture capital investment rank jump from the bottom ten in the nation to 27st in the nation. Over 25 Indiana-based life sciences entrepreneurial companies have received venture capital investment in the last five years.
- Reputation as a national life sciences leader validated by outside experts, including the Biotechnology Industry Organization (BIO) and Battelle Memorial Institute, Standard & Poor’s, Deloitte & Touche and the Milken Institute.
- Talented workforce being provided with more opportunity than ever before; Indiana is expected to see more than 40,000 new jobs available in the life sciences by 2012.
- Life sciences industry invest over $2 billion in new expansions and buildings since 2002, including an $880 million investment in a new biotechnology research lab and biotechnology pilot manufacturing plant by Eli Lilly and Company.
- University tech transfer licensing revenues increase steadily, indicating more innovations from university research are being utilized in the marketplace.
- The launch of new businesses, collaborations and funding sources by BioCrossroads that support the core business activities of Indiana’s existing life sciences industry and Indiana’s ‘next generation’ growth and development.
One such initiative launched by BioCrossroads, the Indiana Health Information Exchange (IHIE), has made a tremendous impact locally and nationally. Since its launch in 2004, IHIE has been recognized around the country and by several high-level government leaders as one of the nation’s leading efforts to help curtail rising healthcare costs. It is also supporting Indiana’s life sciences economy; IHIE expects to have a total of over 40 employees by the end of 2007.
“Recent BIO and Battelle reports rank Indiana as one of the nation’s top four life sciences leaders and Indianapolis as the nation’s ninth largest life sciences region,” said David Johnson, President and CEO of BioCrossroads. “By continuing to embrace our diverse life sciences industry, creating high-paying jobs, and increasing overall investment in Indiana life science-based businesses, Indiana will continue to see success.”
BioCrossroads is Indiana’s life science initiative, 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 businesses, expands collaboration and partnerships among Indiana’s life science institutions, expands science education and markets Indiana’s life sciences industry. Learn more at www.biocrossroads.com.