So if Lilly’s CEO John Lechleiter says Indiana needs to establish a world class research institute for life sciences, should resources in the state make it happen?
I’m still thinking about this, to be honest. Should Indiana play in the life science research space? Does the state have the right resources to make this successful?
You can read more of his comments at MedCity News.
Seems like a knee jerk reaction to me. But I’m just a medical device guy–not a pharma guy.
I’ve been reading quite a few blogs and articles about investment funding in the medical device industry. All reports seem to point to things being better than they’ve ever been–at least in recent years. And if I believe what I read, the Midwest, especially Indiana, is leading the pack. I plan to write more about this soon. I just have more research to do first.
Here’s what I do know:
What insights do you have on medical device venture funding?
July 31 is approaching quickly but still not here yet. That means you still have time to submit your application to the BioCrossroads Venture Competition. This is a contest for emerging life science companies and technologies.
You do not need a complete business plan to apply. In fact, the application process is pretty straightforward and does not take make time at all (I know because we applied for UniDoc).
If you are selected as a finalist, you will have to submit a business plan by August 24, 2012. The winners will be announced at the October 22, 2012 Indiana Life Sciences Summit.
Is it worth applying? First prize $25K. Second is $15K and third $10K.
I had a call earlier this week from Mary. Mary started her career in the medical device industry. Several years ago, she put her career on hold to raise her kids. Now that Mary’s kids are older, she has an interest in getting back into the medical device field. Mary started networking in her local business community. Several of the contacts she made suggested that Mary contact Creo Quality for what to do next.
I’m glad Mary called. We’re happy to help. Interestingly, Mary’s question was one we’ve heard many times before. It just hit me that since Mary and others have had this question, maybe I should spend a little bit of time writing down my response for others to review too.
Mary is interested in networking and meeting medical device professionals in Indiana. I suggested that she check out the following:
I also shared with Mary that we try to post many of these events on the CQ blog.
I recently read “Indiana’s Medical Device Workforce Will Need Skills Upgrade” article in the Indianapolis Business Journal and was a little surprised by a couple things.
For example, did you know:
The medical device sector is a crucial part of Indiana’s life science industry. Keeping it strong and viable are critical. Of all the information contained within the article, I was most surprised that BioCrossroads had previously underestimated the magnitude of this med device presence in Indiana. BioCrossroads now knows the medical device industry is “. . . larger than the group realized” accounting for over 40% of all life sciences jobs in Indiana.
I suspect that part of the reason the overall number of jobs in the medical device sector has been such a mystery is that so many of the companies in this space are not large. After the “big boys” (Cook, Roche, Zimmer, DePuy, Biomet, Boston Scientific), there are all kinds of “mom-and-pop” medical device companies scattered throughout the state.
BioCrossroads recently did a report that tracked the progress of Indiana’s life sciences. The results indicate “a decade of substantial growth and measurable progress across a wide range of nationally significant indicators”.
For example, the report notes that by 2009, Indiana’s life sciences exports totaled $7.4 billion, ranking the third highest in the United States, behind only California and Texas. The state has the third highest life sciences employment concentration* nationally, and has seen a 21% increase in life sciences employment, adding more than 8,800 new jobs to the industry since 2002. More than 50,000 workers at 825 companies comprise four life sciences sub-sectors: medical devices and equipment, drugs and pharmaceuticals, research, testing and medical laboratories, and agricultural feedstock and chemicals. Indiana’s health information technology sector contributes an additional 2,500 workers and 72 companies.
According to BioCrossroads, this report underscores the state’s national rankings as a life sciences leader in the areas of exports, employment concentration, job growth and FDA filings.
As they say on the Indiana Beach commercial, “There’s more than corn in Indiana”.
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Thanks to tremendous support from the Indiana life sciences community, the Kelley School of Business’ Center for the Business of Life Sciences is proud to announce the fifth year of the Indiana Life Sciences Collaboration Conference Series. Assisting as series sponsors are Biocrossroads and Duke Energy.
Conference 4- Health Information Technology: Indiana’s Role in the Development of a National Model, May 13th, 2011, in Indianapolis
Primary Sponsors- Ice Miller LLP, Indiana Clinical and Translational Sciences Institute, IU School of Medicine, Zimmer
Supporting Sponsors- Indiana Health Information Exchange, NoMoreClipboard.com, Symmetry Medical, Inc.
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This month in The Catalyst enewsletter, we have decided to start a new feature that gives a snapshot of Life Sciences industry from Indiana and the Midwest. Since this is the first edition, I’ll start by building a little bit of a foundation, starting with life sciences in Indiana.
Indiana has a fantastic mix of life science companies, service providers, and organizations. A few of those organizations are:
All of these organizations have a vested interest in securing and growing the life science industry throughout Indiana and the Midwest. I could go into detail about each group, but I recommend you visit each organization’s web site to learn more about them.
Indiana is also home to a diverse group of life science companies and divisions — including medical device, in vitro diagnostic, pharmaceutical, orthopedics, and biotech firms. Some of these companies include:
The state also has a decent presence from the life science entrepreneurial and start-up community — thanks in large part from funding sources such as BioCrossroads and Indiana Economic Development Corporation 21st Century Fund.
Indiana is also fortunate to have many, many providers for just about any service required to support the life sciences industry. The list is just too large (but you can get a good start by reviewing the members of INpact).
Also supporting Indiana life sciences are the colleges and universities providing education for future life sciences professionals and supporting entrepreneurship. Most notably in this space, Indiana is home to Rose-Hulman Institute of Technology, Purdue University, and Indiana University. The list below includes some of the initiatives these schools have to support the life sciences industry’s growth:
In future snapshots, we will review other regions within the Midwest and examine some of the trends and issues within the life sciences industry.
BioCrossroads and Credit Suisse present the
2010Â Indiana Life Sciences Summit.
We have an all-star lineup of speakers for the upcoming Indiana Life Sciences Summit. You won’t want to miss these thought leaders as they discuss and speak on timely and pertinent topics that will shape the future of Indiana’s life sciences industry.
We are excited to announce the following experts and panel topics:
· Healthcare Reform: Help or hindrance to innovation?
Rich Jones — VP and GM of Indiana Operations, Medco Health Solutions
Dr. Sam Nussbaum — Chief Medical Officer, WellPoint
Jon Serbousek — President, Biomet Orthopedics
· Finding funding in a capital constrained economy
Dr. John Diekman — Founder and Managing Partner, 5AM Ventures
Ron Dollens — Chairman, FlowCo; former CEO of Guidant Corporation
Dr. Richard DiMarchi — Founder, Marcadia Biotech
Dr. Jonathan Silverstein — General Partner, Orbimed Advisors
· What works where? Life Sciences Regional Initiatives
David Johnson — President and CEO, BioCrossroads
Baiju Shah — President, BioEnterprise, of Cleveland, Ohio
Ken Tindall — SVP of Science and Business Development, North Carolina Biotech Center
Dan Getman — President, Kansas City Area Life Sciences Institute Inc.
The event kicks off Tuesday evening with the greatly anticipated networking reception hosted by Eli Lilly and Company and Cook Medical.
Don’t miss this unique opportunity to network and learn more about the issues facing Indiana’s life sciences industry.
Click the links above to view the preliminary agenda and to register. Hurry and secure your Early Bird rate!
Date: 8/18/2010
Time: 12:00 PM – 1:30 PM
Location: Century Center, South Bend, IN
Registration/More Info: http://www.economicclubofindiana.com
The Midwest: From American Gothic to American Renaissance David Johnson has always stood out for his accomplishments – most recently for his ability to bring together business and education leaders to promote the valuable life sciences industry in Indiana. Johnson received his undergraduate degree summa cum laude form Harvard University before studying at Oxford as a Rhodes Scholar and earning his juris doctorate from Harvard Law. A successful private attorney, Johnson became president and CEO of BioCrossroads in 2005. Under his leadership, the organization has raised nearly $200 million for life sciences investment in Indiana. Life sciences has long been a key industry for Hoosier jobs and economic growth. Indiana ranks in the top five nationally for number and concentration of life sciences careers. BioCrossroads is building on this foundation by connecting key elements of the industry and investing for future growth. A little about Mr. Johnson’s speech: Using American Gothic, the iconic image of rural America as his starting point, David L. Johnson will explore how global challenges to our traditional economy of farms and big factories provide new opportunities for the Midwest to emerge as a 21st-century economic powerhouse, particularly in the life sciences sector.
Have you heard of Warsaw, Indiana? If not, I’m guessing you are likely not in the medical device industry. Warsaw is regarded as the Orthopedics Capital of the world.
I came across a post from Ed Morrison titled “The Midwest High-Speed Rail Initiative” and was reminded of a recent article talking about the importance of high-speed rail to the Warsaw area.
Several months ago, BioCrossroads launched OrthoWorx to focus on the needs of the northern Indiana Orthopedics community. OrthoWorx says high-speed rail is critical to this community because of the orthopedics presence and Warsaw is “isolated geographically”.
I’ve been frequenting Warsaw for the past several months, doing some project management work for one of the largest orthopedics companies located in that community. The trip is 3+ hours, one-way, regardless of the route that I take. During my trips to and from, I’ve thought quite a bit about the needs of Warsaw. And I wonder how high-speed rail is going to make a significant positive impact for that community. These orthopedic companies have been in the area for a long time. They have deep roots in the community and don’t appear to be leaving any time soon. Would high-speed rail really take Warsaw out of geographic isolation, or enough so to make a substantial difference?
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I was a little perplexed a few months ago regarding the formation of OrthoWorx and the $7M Lilly Endowment gift.
I just read an article from Inside Indiana Business speculating that the addition of high-speed rail in the Warsaw, IN area is a necessary asset for the Orthopedics Capital.
But is it? Why or why not?
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