By: Nathan Feltman - Secretary of Commerce and President, Indiana Economic Development Corporation

as seen on Inside Indiana Business



Intellectual capital, public support, academic partnerships, workforce excellence, and business and industry collaborations are the driving Indiana's life sciences industry. As a center of innovation in the life sciences, pharmaceutical and medical device industries for more than a century, the Hoosier state is home to the second-highest concentration of biopharmaceutical jobs in the nation and the fifth largest pharmaceutical industry in the country.

Indiana's life sciences growth continues to accelerate. Witness the recent doubling of work force in nearby clinical laboratories, like AIT Labs and DCL Laboratories, along with the doubling in size of contract biotech manufacturer Cook Pharmica in Bloomington. Consider the thousands of new life sciences jobs that are coming to Indiana after Gov. Mitch Daniels' direction to the Indiana Economic Development Corporation to aggressively seek new job-creating investment in the life sciences to further strengthen and diversify the Hoosier economy. Those efforts have resulted in thousands of new job commitments from companies such as Medco (1,300 new jobs), Arcadia (300 new jobs), Precision Rx (1,200 new jobs) and Beckman Coulter (275 new jobs).

And while the large global companies capture the headlines, the state and BioCrossroads are ensuring the big life sciences companies of tomorrow are incubated and grown in Indiana with the help of seed capital from the state's 21st Century Research and Technology Fund along with BioCrossroads' Seed Fund. Together, these funds have provided seed capital for promising companies like Schwartz BioMedical, Kylin Therapeutics, QuadraSpec and ImmuneWorks, keeping these companies, their technologies and the promise of new high-wage jobs here.

By any measure, when it comes to life sciences and the growth of this highly desirable sector of high-skill, high-value, high-promise jobs and great companies, Indiana is winning. This is competition at its most intense, and we're playing to win.

To deliver that success we must continue to focus on strengthening the ties between innovations developed at our colleges and universities and businesses who can transform those innovations into life-changing and life-saving products and services. We must also ensure that we continue to offer the low-cost, pro-business environment – including low utility costs, workers' compensation and unemployment insurance rates – that has become a hallmark of the Hoosier state.

As our economy faces new challenges with increasing gas prices and tightening credit markets, we must continue steadfast in our effort to strengthen and diversify Indiana's economy in part by building upon our great successes in the life sciences. The high-skilled, high-wage jobs of this industry hold great promise for our state, and together I know we can realize the opportunity that has yet to fully unfold for Hoosiers in this exciting industry.

Nathan Feltman is Indiana Secretary of Commerce&President of the Indiana Economic Development Corporation.