The Indiana Life Sciences Association reported on Mar. 26 that the state's life sciences sector continues to expand, with more than 3,300 companies employing about 70,000 people at an average wage of $177,000. The sector contributed a $102 billion impact to Indiana's economy in 2024, according to a report from nonprofit BioCrossroads.
The news highlights Indiana's growing role in the national life sciences industry—a field often overshadowed by perceptions of the state as primarily agricultural. Kristin Jones, president and CEO of the Indiana Life Sciences Association, said that public awareness remains a challenge: "If you ask somebody in Boston, ‘What do you have in Indiana?’, that’s their answer," referring to cornfields. "So, we have a lot to overcome from a perspective standpoint... making sure people understand that there’s a lot more here than meets the eye."
Major companies headquartered or operating in Indiana include Eli Lilly and Corteva Agriscience—both based in Indianapolis—as well as Roche Diagnostics' North American operations. Jones said these firms help raise the state's profile: "Everybody, at some point, has come through to do business with Lilly or work for Lilly or knows somebody who works at Lilly and has come to visit." Eli Lilly is currently investing over $13 billion into building its Medicine Foundry facility in Lebanon; it is expected to be operational by 2027 and create around 400 jobs.
Jones described Indiana's strengths as including respected research universities such as Purdue—which has been recognized for its radiopharmaceutical programs—and robust logistics capabilities supporting industry exports valued at over $13 billion annually. She also cited lower costs for land and talent compared with hubs like California or Massachusetts: median annual wages for medical scientists are significantly lower in Indianapolis than San Francisco or Boston.
Despite this growth, challenges remain—including attracting early- and mid-stage venture capital funding. According to Jones: "Capital is scarce, and getting investors to come here... is difficult." A recent BioCrossroads report noted VC funding dropped from $260 million in 2024 to $192 million last year for state companies.
However, new investments may help address these issues. On March 17 Governor Mike Braun announced a planned investment of $1 billion into agricultural and life sciences industries over ten years—an initiative expected to create up to 100,000 high-wage jobs statewide.
Looking ahead five years out, Jones expects continued expansion driven by large-scale investments such as Roche's commitment of up to $550 million by 2030 toward expanding its Indianapolis diagnostics site: "We have opportunities for companies to just really expand what they’re doing... So yeah—it’s going to be big—bigger, more robust and absolutely just probably pedal to the metal."
