BioCrossroads names Vince Wong as new CEO
Subscriber Benefit
As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe Now
Vince Wong, a former executive at Roche Diagnostics and a biotech startup, has been chosen as the new president and CEO of BioCrossroads, an Indianapolis-based group that promotes and invests in the state’s $77 billion life sciences sector.
Wong, 52, began his new job Wednesday. He succeeds Patricia Martin, who stepped down in April after four years in the position.
“I don’t think there’s a time to be more bullish on life sciences sector than now,” Wong told IBJ. “… Indiana has a lot of assets that we can pull together, and through the spirit of collaboration we can punch above our weight.”
BioCrossroads, established in 2002, has raised hundreds of millions of dollars in corporate, philanthropic, governmental, and private equity funding for life sciences. It has invested in early-stage life sciences businesses and held conferences to discuss issues and challenges facing the industry.
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.
The report also unveiled a new strategic plan, which calls for the sector to focus on four areas: nurturing research and development, driving connections and collaborations, expanding manufacturing capacity, and bolstering the life sciences workforce.
“I’m obviously very aligned with the strategy,” Wong said. “It’s directionally very clear but also provides flexibility for myself as the new CEO to come in and offer my perspective and shape how we actually bring these strategic pillars to life.”
A report published in 2022 by TEConomy Partners LLC of Columbus, Ohio, said the need for capital to advance life-sciences companies “is especially acute in Indiana.” Yet Indiana’s life sciences sector saw its venture capital funding fall 54% last year, amid a national downturn.
Indiana is home to more than 2,700 life sciences firms that employ 64,000 workers, from drugmaker Eli Lilly and Co. to small biotech startups at major research universities.
Wong most recently served as chief commercial officer at Geneoscopy, a venture-backed company based in St. Louis focused on developing RNA-based gastrointestinal diagnostics. He oversaw business development, governmental affairs, market access, marketing, sales and communications, and helped secure more than $100 million in venture financing.
He previously served 18 years at Roche Diagnostics, based on the northeast side of Indianapolis, which sells and services medical equipment and software to help physicians, hospitals and laboratories throughout the United States and Canada analyze data and diagnose patients. Roche Diagnostics is a business unit of Switzerland-based Roche AG, a pharmaceutical and diagnostics company.
BioCrossroads board chair Dan Peterson said an outside executive search organization, Medallion Partners, conducted a national search, and forwarded about nine finalists to the organization to consider.
He said the BioCrossroads board was impressed with Wong’s industry experience, leadership skills and his understanding of large and small markets that BioCrossroads serves.
“His executive skills are top-notch,” Peterson told IBJ. “He’s a forward thinker. He’s an action-oriented guy.”
Wong earned a bachelor’s degree in economics and government from the University of Notre Dame, a law degree from Indiana University in Bloomington and an MBA from Northwestern University.
He has served on the boards of numerous civic and arts organizations, including the International Violin Competition of Indianapolis, Dance Kaleidoscope, Indy Chamber, Asian American Alliance and the Indianapolis Museum of Art. He was recognized as a “Forty Under 40” by IBJ in 2011.