It was a busy year for the Indiana life sciences community, with a flurry of billion-dollar deals, major announcements, and a few setbacks. Here we present the top 10 stories of 2023—the good, the bad and the ugly—about an industry that is often hailed as a key driver of Indiana’s economy.
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Patricia Martin, the group’s president and CEO since 2019, last month announced she would step down to examine opportunities in the private sector and urged industry leaders to take a fresh look at the organization.
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Wong’s appointment comes just a few weeks after BioCrossroads released a report warning that Indiana’s life-science sector is starting to lag the nation in growth and market share and will require a focused effort to stay competitive.
Thirty-four Indiana companies landed $287 million in venture capital in 2023 to help finance a wide array of technologies, from medical isotopes to stem-cell therapies, according to BioCrossroads, an Indianapolis-based group that promotes and invests in the state’s life sciences sector and tracks the funding.
Indiana’s pharmaceutical and medical device sectors, long touted as major contributors to the state’s economy, are starting to lag the nation in growth and market share and will require a focused effort to stay competitive, according to a new report released Monday.
The Advanced Research Projects Agency for Health, or ARPA-H, is looking for cities that can help design biomedical products, enhance clinical trials and bring new health products to market. Winning bidders would land hundreds of jobs.
Patty Martin, president and CEO of BioCrossroads since 2019, said she plans to leave the organization to examine opportunities in the private sector.
The funding included 39 Indiana life-science companies raising $433.5 million last year in venture capital, an increase of almost $200 million compared to 2020, according to a report issued by BioCrossroads.
Indiana’s life-sciences sector, often hailed as a key driver of the state’s economy, landed a record $433 million in venture funding last year, despite the COVID-19 pandemic that challenged so many other sectors, from restaurants to airlines.
The sectors in central Indiana account for one out of every 10 jobs here, or 164,144 workers, and the jobs pay an average of $77,229, according to the report commissioned by BioCrossroads.
The spinoff, called Sexton Biotechnologies, has raised $5 million in outside investment and will spin off in October. The biotech develops cell and gene therapy tools used to grow cells for medical purposes.
Patricia Martin, 58, former chief operating officer of Lilly’s diabetes division, will start her new job July 1, leading an organization that promotes and invests in the state’s life sciences sector.
Endocyte Inc.'s decision two years ago to shelve its own pipeline and look for other opportunities was a difficult call that eventually paid off for investors, its former CEO said Friday at IBJ’s Life Sciences Power Breakfast.
A new study by BioCrossroads and Indiana University shows the sector’s economic impact grew about 1 percent last year, to $79 billion.
The Indiana Seed Fund III is an early-stage fund focused on developing startups in life sciences, health IT and agricultural biosciences.
The work-play-live district for innovation and entrepreneurship being developed on the near-northwest side will include research labs, apartments and bicycle trails—which could help to attract young workers.
Around Indiana, life sciences companies are searching high and low for venture capital to fund promising but expensive new products, which can take a decade or longer to develop.
While many college graduates are leaving the state, jobs in health care and life sciences in Indiana are booming, and employers are often searching high and low for talent.
IBJ gathered leaders in the life sciences industry for a Power Breakfast panel discussion April 21. Panel members included Colleen Hittle, managing director of Navigant; Suresh Garimella, Purdue University’s executive vice president of research and partnerships; Brian Barker, general manager of U.S. Seeds for Dow AgroSciences; Kristin Sherman, former chief financial officer of Calibrium LLC; and David Johnson, CEO of BioCrossroads.
Shortages of workers and investment dollars remain the two biggest challenges for Indiana’s life sciences industry, which otherwise is showing robust vital signs and embarking on high-profile collaborations.
City leaders want to make the 60-acre tract of land just north of the Indiana University School of Medicine campus a mix of all of the best the city has to offer and catch the eyes of more creative and highly sought-after workers.
Including the latest grant, the Lilly Endowment has given more than $38 million to BioCrossroads since the life sciences business development group was founded in 2002.
