INDIANAPOLIS (Nov. 16, 2020) — Despite a challenging year for many industries, Indy Partnership reports the life sciences ecosystem remains strong as a pillar of the local economy and is expected to continue its growth pattern into 2021 as the Indy Region has experienced a surge in attraction and expansion announcements from this sector over the past several months.
INCOG Biopharmaceudicals announced in October that it would be investing $60 million in a new 60,000-square-foot Fishers facility, creating 150 jobs. “This announcement has the potential to create a ripple effect of new life science innovations and startups as the ecosystem grows,” says City of Fishers Mayor Scott Fadness. “As life science startups have more and more flexibility on where they locate, whether they identify Fishers or elsewhere in the metro area for their HQ or operations, I think they’ll quickly find a ready workforce, supportive local officials, and a central location that is ideal for distribution.”
INCOG cites Indiana’s extensive industry experience and access to a large talent pool as reasons for its location decision. The Indiana Economic Development Corporation recently reported that Indiana is home to more than 2,100 companies contributing to a strong and growing life sciences industry.
Together, these businesses support 56,500+ Hoosier jobs with average wages of more than $102k annually. “Metro Indy is a strong leader in life sciences – from research and development to manufacturing and logistics – and the suburbs play a key role in supporting this,” says Fadness.
This project is one of many, as Eli Lilly, Scioto Biosciences and MBX Biosciences have made recent headlines with news of acquisitions and over $60 million secured in funding for drug development and drug candidate pipeline advancement, respectively. Additionally, Novartis company Advanced Accelerator Applications (AAA) broke ground in June of this year on a $72 million cancer treatment manufacturing facility at the Purdue Research Park near Indianapolis International Airport.
Life sciences was one of few industries given the opportunity to grow during the COVID-19 pandemic. In addition to announcements of development and expansion, thought leaders such as Eli Lilly were quick to respond, offering drive-through testing at their Indianapolis headquarters as a service to healthcare providers working hard on the front lines. In most recent news, the FDA has authorized an antibody therapy developed by Lilly to treat mild-to-moderate COVID-19 in patients 12 years and older who are at high risk for progressing to a more severe case of the disease and/or hospitalization. Roche Diagnostics also stepped up by delivering the first high-speed, automated COVID-19 test, which was able to process over 1,000 results in an 8-hour shift. Additionally, local contract companies such as Covance are working closely with organizations to perform clinical trials in pursuit of innovative COVID-19 treatment solutions.
“The Indy Region is fortunate to have fostered such a robust industry cluster as life sciences companies are threaded throughout many aspects of the economy,” says Brian Stemme, Senior Vice President, External Engagement for BioCrossroads, “By directly leveraging the strengths of local logistics, advanced manufacturing and infrastructure, we’ve created a local cohesive network.”
One example of this collaboration is the FedEx Hub at Indianapolis International Airport. Many contract research organizations (CROs) and contract manufacturing organizations (CMOs) rely on the mass shipping and handling of time-sensitive, priority medical products such as radioactive treatments. The ability to rapidly transport these products cross-country is unique to the centrally-located region and acts as a selling point for attraction to the area.
Showcasing these strengths and competitive advantages remains a top priority for Indy Partnership. Leveraging the current ecosystem, its assets, and distinctive benefits are all necessary to communicate the importance of this industry as well as available opportunities. “The supply chain for pharma and medical devices in this region is unparalleled,” says Stemme. “This, paired with the high-value, experienced talent pool makes an undeniable argument for life sciences companies looking to grow to consider the Indy Region.”
ABOUT INDY PARTNERSHIP:
Indy Partnership is a regional economic development organization supporting nine Central Indiana counties including Boone, Hancock, Hamilton, Hendricks, Johnson, Madison, Marion, Morgan, and Shelby. With a strong focus on business and talent attraction, retention and expansion, Indy Partnership strives to elevate the Indy Region as a great place to live, work and do business while also fostering impactful relationships for sustainability and growth.