IBJNews

BioCrossroads: Life sciences a $50B industry in Indiana

Back to TopCommentsE-mailPrintBookmark and Share

The life sciences industry in Indiana employs 55,500 workers paying average wages of more than $88,500 per year, according to new figures released Tuesday by Indianapolis-based life sciences development group BioCrossroads.

The figures were produced by the Indiana Business Research Center, an arm of Indiana University, which calculated the total economic impact of the life sciences industry in Indiana at $50 billion a year.

“These data elevate Indiana to the same company as America’s other world-renowned centers of health care innovation: Massachusetts, California, North Carolina and New Jersey,” said David Johnson, BioCrossroads’ CEO, in a prepared statement.

Indiana’s life sciences industry includes the corporate headquarters of such giants as drugmaker Eli Lilly and Co., health insurer WellPoint Inc., surgical implant maker Cook Medical Inc., orthopedic implant makers Biomet Inc., DePuy Orthopaedics Inc. and Zimmer Holdings Inc., and agro-tech company Dow AgroSciences LLC.

It also includes numerous small life sciences companies, including many trying to commercialize research breakthroughs made at Indiana’s research universities—IU, Purdue University and the University of Notre Dame.

The report used 2011 and 2012 data, compared with a 2011 report that relied on 2009 and 2010 data. That earlier report totaled the economic impact of Indiana’s life sciences industry at $44 billion per year.

One difference between the two reports is that the most recent one includes “biologistics” companies, whereas the original economic impact report did not. On its own, biologistics has an impact of $2.5 billion annually, a BioCrossroads spokeswoman said. That means the economic impact of the rest of Indiana's life sciences businesses has expanded by $3.5 billion per year since BioCrossroads' 2011 report.

BioCrossroads and other life sciences industry groups have been trying to emphasize—especially to state legislators—the high wages and large economic impact made by the life sciences industry, even though it employs relatively few workers compared with Indiana’s other staple industries, such as manufacturing or construction.

Those two industries, even after heavy losses in the recession, still employed 490,000 and 128,000 workers, respectively, at the end of 2012.

The $88,500 in average wages paid in life sciences industries far exceeds the state’s average wage of about $40,000.

In all, there are more than 1,600 life sciences companies in Indiana, up from the earlier report's count of 854 companies.

Collectively, they pay about $5 billion in annual wages in Indiana. They also account for $9.3 billion in annual exports, ranking Indiana third in the nation in that category, behind California and Texas.

ADVERTISEMENT

Post a comment to this story

COMMENTS POLICY
We reserve the right to remove any post that we feel is obscene, profane, vulgar, racist, sexually explicit, abusive, or hateful.
 
You are legally responsible for what you post and your anonymity is not guaranteed.
 
Posts that insult, defame, threaten, harass or abuse other readers or people mentioned in IBJ editorial content are also subject to removal. Please respect the privacy of individuals and refrain from posting personal information.
 
No solicitations, spamming or advertisements are allowed. Readers may post links to other informational websites that are relevant to the topic at hand, but please do not link to objectionable material.
 
We may remove messages that are unrelated to the topic, encourage illegal activity, use all capital letters or are unreadable.
 

Messages that are flagged by readers as objectionable will be reviewed and may or may not be removed. Please do not flag a post simply because you disagree with it.

Sponsored by
ADVERTISEMENT

facebook - twitter on Facebook & Twitter

Follow on TwitterFollow IBJ on Facebook:
Follow on TwitterFollow IBJ's Tweets on these topics:
 
Subscribe to IBJ
  1. Uh, sorry Johnnie, but you are incorrect. Despite the assertions by yourself and various defenders and captains, sports attendance is NOT off significantly at most sporting events in the US. Variances in attendance has been in the range of single digits, both + & - for years now. MLB has had most of its best overall attendance nubers in the last decade, and that trend has been consistent for most major sporting events. The number one issue cited by most fans when asked about attendance is the overall cost of attending. The presence of HD and big screen televisions in home doesn't even register, as a factor for not attending an event. VALUE in the product is the key, and apparently is something lacking in the current ICS. What other explanation is there when with what is routinely touted as the "best" racing on the planet, fans are staying away in DROVES. A "close" title battle into the last event at Fontana, with the "cars and stars" of the ICS, and who showed up? MAYBE 8K. Sorry, but HD TV isn't to blame for that kind of fan apathy.

  2. Do you need finance to establish your business ? Are you interested in getting a loan at 3% from our private company? If so please Email: suntrust_oil@blumail.org

  3. If she was worth the $ the public outcry over direct tv dropping them would have kept them on their dishes as we have seen with other companies. I too quit watching channel 13 after she showed up since I left channel 8 because of her all show rather than production results. When Randy on 8 corrected her she had a big head and incorrectly challenged his correction for pronunciation of a city. Other antics while she matures was too much for me with her very inaccurate forecasts. All the forecasters were predicting rain until Thursday except Chris. They predicted sunny on Thursday but instead of rain until Thursday upon which the sun would finally make it out in full glory Chris was right on the money just as I too predicted looking at the radar on weather.gov. One thing I love about Angela is the fear you can see in her every time it thunders in the winter. It far exceeds the entertainment value of her body language (high heel noise drags, depression, etc) when her forecasts are so incorrect. Her hair stands on end, you have to see it!!!

  4. Good Day, Apply For A Loan I am Mr Fernadez Antonio, a private Loan lender and a cooperate financial for real estate and any kinds of business financing. I also offer Loans to individuals, Firms and cooperate bodies at 3% interest rate We offer any kind of loans. email us via fernadezloaninvest@outlook.com LOAN APPLICATION FORM First name:......................... Middle name:......................... Last name:........................................ Date of birth (yyyy-mm-dd):....................... Gender:........................................... Marital status:................................... Total Amount Needed............................... Loan Duration.................................... Address:.......................................... City:............................................. State/province:................................... Zip/postal code:.................................. Country:.......................................... Phone:............................................ Fax:.............................................. Mobile/cellular:.................................. Monthly Income.................................... Occupation:....................................... Best Regard, Mr Fernadez Antonio.

  5. i will love to share my testimony to you all the people in world i got married to my husband about 2 year ago we start having problems at home like we stop sleeping on the same bed,fighting about little things he always comes home late at night,drinking too much and sleeping with other women out side i have never love any man in my life except him. he is the father of my child and i don't want to loose him because we have worked so hard together to become what we are and have today .few month ago he now decided to live me and the kid,being a single mother can be hard sometimes and so i have nobody to turn to and i was heart broken.i called my mom and explain every thing to her,my mother told me about DR.okoro how he helped her solve the problem between her and my dad i was surprise about it because they have been without each other for three and a half years and it was like a miracle how they came back to each other. i was directed to DR. okoro on his email:okorospell@gmail.com and explain everything to him,so he promise me not to worry that he will cast a spell and make things come back to how we where so much in love again and that it was another female spirit that was controlling my husband he told me that my problem will be solved within two days if i believe i said OK So he cast a spell for me and after two days my love came back asking me to forgive him i Am so happy now. so that why i decided to share my experience with every body that have such problem contact Dr okoro the great spell caster on his email addresses spellcasterforlove@outlook.com

ADVERTISEMENT