Data shows record growth in Indiana life sciences sector

INDIANAPOLIS (Inside INdiana Business) — Indiana’s life sciences industry continued to grow in 2020 despite the pandemic, according to new data from the Indiana Business Research center at the IU Kelley School of Business. BioCrossroads says the state’s life sciences sector, which includes nearly 2,300 companies, generated $80 billion in economic impact last year.

BioCrossroads says more than $11.4 billion in life sciences products were exported from the state last year, while startups in the sector generated more than $262 million in venture capital investment. Both are records for Indiana, according to the organization.

“Indiana’s life sciences sector provides large investments in jobs, facilities, and innovation – all of which contribute significantly to the state’s public and economic health,” said Patty Martin, president and chief executive officer of BioCrossroads. 

The state’s life sciences sector employs nearly 60,000 Hoosiers. According to the IBRC data, the amount of products exported from Indiana represents more than $192,000 of output per worker, which is the highest amount ever recorded. The average wage last year also remained flat at more than $102,000 per worker. 

You can learn more about the big year for life sciences in Indiana by clicking here.