BioCrossroads Celebrates Life Sciences Growth
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Indianapolis-based BioCrossroads says the state’s life sciences industry saw strong growth last year, particularly in the pharmaceutical and medical device sectors. The state’s life sciences initiative says 23 companies committed to invest more than $500 million and add 2,100 employees in Indiana. “It’s very exciting,” said Brian Stemme, senior vice president of external engagement at BioCrossroads. “The industry is really growing throughout the state; it’s really not just Indianapolis.”
In an interview with Inside INdiana Business, Stemme said one of the highlights for 2021 was the amount of foreign direct investment.
“We had eight companies invest from overseas from six different countries,” said Stemme. “In fact, two of our largest projects that will be pharmaceutical manufacturing and drug delivery devices were from Italy and South Korea, respectively. So, it’s exciting.”
Italy-based Stevanato Group announced in June plans to invest $145 million to build a 370,000-square-foot manufacturing facility in Fishers and create more than 230 jobs. Officials broke ground on the project in September.
Meanwhile, List Biotherapeutics Inc. also detailed plans to locate in Fishers. The company, a subsidiary of South Korea-based Genome & Co. that specializes in biologics manufacturing, said in November it would invest more than $125 million to build a 110,000-square-foot contract manufacturing facility and create 210 jobs.
“Each time a company from overseas invests here, it just expands the knowledge of not only that company, but it’s supply chain, it’s government officials, it’s universities to learn more about Indiana and I think to recognize that we have a fantastic sector here,” Stemme said. “So, I think that anytime you have a direct connection overseas, it’s great because it’s going to be attracting attention and having people think about a new area.”
BioCrossroads says pharmaceutical and medical device companies collectively contributed 75% of new life sciences job commitments and 94% of planned capital expenditures.
Looking forward, Stemme says there are three things the state needs to continue doing to further its life sciences momentum.
“First of all, I’d really just say it’s about the people. We have got a great set of companies and universities that are working together to create people with the skills and talents that they need to work in this industry. Second, I think the industry does a very good job of partnering. Finally, I would say that I think we’ve really come to realize how strong our logistics are in helping life sciences companies make decisions.”
Stemme says he is also proud that Indiana is the only state in the nation that is manufacturing all three FDA-authorized or approved COVID-19 vaccines.