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Biosciences institute aims for $300M endowment

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The effort to launch a life sciences research institute in Indianapolis got $25 million from the Legislature, but the life sciences institutions backing the effort have set their funding sights much higher.

The Indiana Biosciences Research Institute would build up an endowment of $300 million to $400 million over the next five to seven years, under a plan developed by Gov. Mike Pence’s staff, the life sciences group BioCrossroads and a steering committee of life sciences institutions.

Those institutions include Indianapolis-based Eli Lilly and Co., Indianapolis-based Dow AgroSciences LLC, Bloomington-based Cook Group Inc., the state’s research universities and other companies.

The endowment, which would be drawn from corporate and philanthropic sources, would fund annual operations of the institute and help recruit world-class scientists. The most likely focus of the research is diabetes and metabolic diseases.

“We had an amazing response from Indiana’s key life sciences companies,” said Ryan Streeter, Pence’s economic policy adviser. He added, “We’re pretty confident that everybody involved can contribute” to reach the endowment goal.

Pence first touted the idea of the institute in August when he was campaigning to be governor. It was one of several ideas generated earlier in 2012 by meetings convened by BioCrossroads to discuss what should be Indiana’s next step to advance its life sciences industry.

In October, Lilly CEO John Lechleiter embraced the institute idea in a speech at a BioCrossroads conference.

Then in January, Streeter and BioCrossroads CEO David Johnson started working with life sciences companies to flesh out a plan.

They will announce details of that plan in the next month or two, Streeter said. At that time, the board will be named, and then the board will start searching for a founding executive.

An executive with both science and business credentials is the most likely candidate at this point, Streeter said.

The basic idea of the institute is for it to be a place where scientists from both academia and industry collaborate, with a strong emphasis toward innovations that can be commercialized into products, procedures or new companies.

BioCrossroads’ Johnson said he expects the institute to name about five scientists to be principal investigators, who will then oversee the work of other researchers. Total staff could be 50 to 200, he speculated.

However many people work for the institute, they would not likely be all gathered under one roof. Johnson said much of the work would happen virtually. Still, the institute likely will have a physical presence in Indianapolis, although that location has yet to be determined.

Indiana is “late to the party” in starting an applied research institute focused on life sciences, noted a January 2013 report by BioCrossroads. There are similar institutes in Cambridge, Mass.; Chevy Chase, Md.; Kansas City, Mo.; La Jolla, Calif.; Orlando, Fla.; Phoenix; San Diego; and in other cities.

Most of those institutes were started with huge philanthropic donations and sustain themselves with a mix of industry and government research funding.

The Indiana Bioscience Research Institute hopes to do something that has yet to be done: launch an institute primarily based on corporate support. The idea is to use the corporate-funded endowment to sustain the institute, and then attract talented researchers that compete successfully for government and industry research grants.

Johnson argues that is the only way to fund an institute these days. Federal research funding has been stagnant for years and doesn’t appear to be headed up any time soon. Meanwhile, he noted, large life sciences companies—especially pharmaceutical firms—have been cutting back on their internal R&D spending and are looking more and more to essentially outsource the work to universities and applied research institutes.

“The life sciences industry is not being rewarded today by investors in the stock market for in-house research,” Johnson said. He added, “That research is going to come from the academic bench or the institution bench, which is going to be bigger than the in-house bench at many life sciences companies. The institute is going to stand in the middle of that.”

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  1. In reality, Lilly is maintaining profit by cutting costs such as Indiana/US citizen IT workers by a significant amount with their Tata Indian consulting connection, increasing Indian H1B's at Lillys Indiana locations significantly and offshoring to India high paying Indiana jobs to cut costs and increase profit at the expense of U.S. workers.

  2. I think perhaps there is legal precedence here in that the laws were intended for family farms, not pig processing plants on a huge scale. There has to be a way to squash this judges judgment and overrule her dumb judgement. Perhaps she should be required to live in one of those neighbors houses for a month next to the farm to see how she likes it. She is there to protect the people, not the corporations.

  3. http://www.omafra.gov.on.ca/english/engineer/facts/03-111.htm Corporate farms are not farms, they are indeed factories on a huge scale. The amount of waste and unhealthy smells are environmentally unsafe. If they want to do this, they should be forced to buy a boundary around their farm at a premium price to the homeowners and landowners that have to eat, sleep, and live in a cesspool of pig smells. Imagine living in a house that smells like a restroom all the time. Does the state really believe they should take the side of these corporate farms and not protect Indiana citizens. Perhaps justifiable they should force all the management of the farms to live on the farm itself and not live probably far away from there. Would be interesting to investigate the housing locations of those working at and managing the corporate farms.

  4. downtown in the same area as O'malia's. 350 E New York. Not sure that another one could survive. I agree a Target is needed d'town. Downtown Philly even had a 3 story Kmart for its downtown residents.

  5. Indy-area residents... most of you have no idea how AMAZING Aurelio's is. South of Chicago was a cool pizza place... but it pales in comparison to the heavenly thin crust Aurelio's pizza. Their deep dish is pretty good too. My waistline is expanding just thinking about this!

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