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Indiana's $44 Billion Life Sciences Industry Packs a Powerful Punch
Date:6/23/2011

INDIANAPOLIS, June 23, 2011 /PRNewswire/ -- A rapidly growing life sciences industry has a $44 billion total impact on Indiana's economy, according to a comprehensive new report released today by BioCrossroads.  The report, Indiana's Life Sciences Industry: 2002-2010—Tracking Progress and Charting the Course for Continued Success, authored by Walter H. Plosila, Ph.D., and based on data gathered by the Indiana Business Resource Center at the Indiana University Kelley School of Business, illustrates a decade of substantial growth and measurable progress across a wide range of nationally significant indicators.

For example, the report notes that by 2009, Indiana's life sciences exports totaled $7.4 billion, ranking the third highest in the United States, behind only California and Texas.  The state has the third highest life sciences employment concentration* nationally, and has seen a 21% increase in life sciences employment, adding more than 8,800 new jobs to the industry since 2002. More than 50,000 workers at 825 companies comprise four life sciences sub-sectors: medical devices and equipment, drugs and pharmaceuticals, research, testing and medical laboratories, and agricultural feedstock and chemicals.  Indiana's health information technology sector contributes an additional 2,500 workers and 72 companies.

The report also highlights the progress of Indiana's life sciences companies in discovering and commercializing thousands of new products over the past decade.  There were 2,226 U.S. Food and Drug Administration filings between 2005 and 2010 – the Hoosier state had the ninth highest number of 510(k) applications with 1,821 and the 11th highest number of Premarket Approval applications with 405.

"There are three key components to having a thriving innovation cluster:  the sector must be based on real assets, must draw substantial corporate and philanthropic investment, and must be sustained by t
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SOURCE BioCrossroads
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