How Do You Define “Life Sciences”?

In Indiana, there is quite a bit of buzz about life sciences. There seems to be a new group forming weekly with a focus on life sciences. Historically, Indiana’s economy has been heavily reliant on automotive sector businesses and jobs. And in case you haven’t noticed, the automotive industry isn’t doing so well these days.

On the flip side, many people associate the life sciences industry as growing rapidly and very profitable. Many businesses are looking to life sciences to answer their financial woes. Many communities want to attract and grow life science companies. Interestingly, many of these businesses and communities have trouble defining “life sciences”. They just know it’s got to be better.

My definition of life sciences is a bit vague: promoting and improving the quality of life. It’s easier to understand life sciences by defining the types of companies, businesses, and organizations that fit into this industry. My list includes:

• Medical Devices
• In Vitro Diagnostics (some consider this a stand alone, while others put under medical devices)
• Pharmaceuticals
• Biologics
• Biotechnology

The above list is almost universally agreed to be part of life sciences. Some others that are sometimes included in this industry:

• Hospitals
• Healthcare
• Agriculture

And of course, there are numerous service providers that support the above lists, which could put service providers in the list too.

What do you think?