With a $95 billion economic contribution and significant advancements over the past year, Indiana solidifies its position as a global leader in life sciences.

INDIANAPOLIS — In a year marked by incredible accomplishments, Indiana’s life sciences industry once again demonstrated its capacity for substantial economic contribution and pioneering innovation, successfully securing $5.5 billion in capital investment in 2023, despite global economic challenges.

This funding underscores the state’s resilience and commitment to maintaining a thriving life sciences sector, which contributed $95 billion to Indiana’s economy last year alone.

The breakdown of the 2023 investments is as follows:

  • $8.2 million in SBIR/STTR funding awarded to 17 companies,
  • $287.5 million in Venture Capital invested in 34 companies,
  • $160.7 million accessed through public markets by three companies,
  • Nearly $3.5 billion in mergers and acquisitions related to Indiana life sciences companies,
  • $1.5 billion in capital to establish, expand, or upgrade facilities by eight companies, creating nearly 750 new jobs.

These investments come from a variety of sources, including federal programs, private venture capital, and strategic corporate actions. The information is compiled from several sources, such as the Indiana Economic Development Corporation (IEDC), to create a comprehensive overview of the sector’s financial landscape.

Indiana’s life sciences industry not only fuels economic growth but continues driving advancements that redefine global healthcare. The industry’s vibrant spirit of innovation is reflected in the granting of 979 new patents and the FDA’s approval of 75 novel products.

Indiana’s life sciences industry is a growing hub of opportunity and prosperity, employing 67,000 individuals across more than 3,000 establishments, with an average wage of $110,000. This translates into $7.4 billion in wages, emphasizing the sector’s crucial role in creating high value, high quality job opportunities.

The industry also continues empowering growth through investment with the formation of 34 groundbreaking companies, bolstered by $288 million in venture capital, highlighting the sector’s vibrant potential and the robust confidence of investors.

“Indiana’s life sciences sector continues to attract substantial investment, underscoring the confidence in our state’s vast potential and pivotal role in global healthcare,” said Jane Dunigan-Smith, Senior Vice President of Finance at BioCrossroads. “The significant achievements of this past year are merely the first steps in what lies ahead in our sector. We are dedicated to fostering an ecosystem that excels in generating innovative breakthroughs and creating valuable job opportunities, while striving to enhance global health outcomes.”

To read the full report, visit https://biocrossroads.com/resources/reports/2023-capital-report-2

About BioCrossroads
Established as a catalyst to advance, grow, and invest in Indiana’s life sciences sector, BioCrossroads is a branded initiative of the Central Indiana Corporate Partnership (CICP). It supports the region’s existing enterprises and encourages new business development. The initiative fosters public-private collaboration by uniting a diverse range of academic, industry, and philanthropic stakeholders, all collectively focused on advancing Indiana’s life sciences sector. Committed to supporting the growth of capital investments and talent development, BioCrossroads provides support to both existing and new life sciences enterprises, including the Indiana Health Information Exchange, OrthoWorx, and the Indiana Biosciences Research Institute. BioCrossroads champions the advancement of cutting-edge research and development, plays a crucial role in building and nurturing a robust talent pipeline, and is dedicated to establishing Indiana as a thriving hub for life sciences manufacturing. To learn more about BioCrossroads, visit https://biocrossroads.com.