Vince Wong: Indiana is poised to extend its leadership in life sciences

Indiana has a long and successful track record of impactful contributions in the life sciences. From manufacturing the first insulin for humans to our cluster of world-leading orthopedic manufacturers to important advances in neuroscience, the Hoosier state has been improving and saving lives for decades.

And today, we are poised to build on those successes and deliver even more life-enhancing solutions for people who need them.

I joined BioCrossroads in January because I’m excited about the potential impact Indiana’s life sciences community can make on improving lives—not only for Hoosiers but for everyone. BioCrossroads has enabled significant growth in Indiana since 2003. Today, we have more than 3,000 life sciences establishments that contributed $95 billion to the state’s economy in 2023. Indiana leads the country in pharmaceutical exports, and we are No. 2 in life sciences exports. Indiana ranks 19th among regions globally for biotech patenting.

But now is not the time to rest on our laurels. Other states are investing in their own life sciences sectors. The four pillars of our state’s new life sciences strategy—fostering R&D and innovation, enhancing Indiana’s manufacturing ecosystem, boosting the state’s life sciences talent and workforce, and supporting connections and outreach—will help Indiana attract and retain new investments and top talent, enabling the state to solidify and extend our leadership.

Using our strategy as our North Star and leveraging our strengths, Indiana is well-positioned to be viewed as a global center of excellence in five important, growing areas:

◗ Indiana’s long-standing leadership in metabolic disease management continues today with recently launched blockbuster devices and treatments for diabetes and obesity—including Lilly’s GIP-GLP-1—along with exciting pipeline assets. Novo Nordisk’s plan to acquire Catalent’s manufacturing site in Bloomington for its diabetes and obesity supply chain underscores Indiana’s central role in this growing and transformative segment.

◗ Radiopharmaceuticals, a potential $30 billion segment, are growing quickly in Indiana with approximately 20 firms operating in this area, producing diagnostics and treatments primarily for cancer. Last year alone, $200 million was invested in Indiana facilities, along with $7 billion in acquisitions. Thanks to numerous advantages—from our centralized location and logistics infrastructure to our specialized workforce and strong universities—our opportunity to be the radiopharmaceutical capital of the world is real.

◗ Indiana is becoming a world leader in the promising area of neurodegeneration research. Industry and universities are on the cusp of delivering innovative diagnostics and treatments for challenging and devastating diseases such as Alzheimer’s and Parkinson’s. These advancements build upon our state’s heritage in developing groundbreaking neuroscience discoveries for depression and schizophrenia that revolutionized mental health.

◗ With exciting new investments and renewed commitment, we can secure and expand our leadership in orthopedic devices, a $50 billion to $60 billion global industry that is positioned for growth. Warsaw is known as the orthopedic capital of the world and is home to companies representing approximately one-third of that global revenue. They also employ more than 10,000 people in the area, helping those with damaged joints to regain mobility.

◗ The pandemic exposed the need and opportunity to reshore the nation’s life sciences supply chain. This presents Indiana with a compelling opportunity to capitalize on its world-class manufacturing capabilities. Industry and public investments—such as the multibillion-dollar LEAP Research and Innovation District in Boone County, attracting key supply chain partners, and ensuring an adequate, steady supply of employment-ready workers—will make us even stronger.

Indiana is uniquely positioned to excel, thanks to our people, our infrastructure and our willingness to work together. We don’t have to be the next Boston or San Diego, but we need to be the best in the world in key, high-growth focus areas that leverage our strengths. Through our aligned efforts and collaborative culture, we can create the necessary gravity that pulls top talent and innovative companies into our ecosystem, putting Indiana at the center of this important work.•

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Wong is president and CEO of BioCrossroads.