Record year of life sciences exports
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New data shows Indiana continues to lead the nation in life sciences product exports, including pharmaceuticals, medical devices, and agbiosciences. BioCrossroads, Indiana’s initiative to grow the life sciences sector, says $13 billion of the products were shipped out of the Hoosier State in 2022, compared to $12.7 billion the previous year.
The Indiana Business Research Center at the Indiana University Kelley School of Business, which provided the data, says Indiana is one of the top three states in exports of life sciences products. The sector supports more than 2,700 companies statewide.
The IBRC report reveals economic output of the industry was $77 billion.
“Growth in key areas of Indiana’s life sciences industry, particularly in pharmaceutical manufacturing, where we now lead the U.S. in pharmaceutical exports, is strong,” said Patty Martin, president and CEO of BioCrossroads. “It’s imperative that we continue working together to ensure that this critical sector is cultivated and promoted to drive more innovation and medical breakthroughs.”
In addition to the strength of existing companies, investors also see potential in startup companies. BioCrossroads says the state’s healthcare and life sciences industry had a record $619.8 million of venture capital investment in 2022. It represents a 43% increase over a previous record of $433 million, set in 2021.
The organization says 25 companies have committed to invest over $2.8 billion, and to hire more than 3,000 employees, according to the Indiana Economic Development Corp.
“With 2022 announcements from Eli Lilly and Company and Evonik for major expansions, this trend will likely continue, which is great news for our economy and our workforce,” said Martin.
In June, Germany-based Evonik announced in June it would invest $220 million to expand operations in Lafayette.
BioCrossroads says over 63,000 people are employed in Indiana’s life sciences industry.