Archive for the ‘IHIF Press Releases’ Category

The Indiana Health Industry Forum Announces 2018 Legislator of the Year

December 17, 2018

December 17, 2018 – INDIANAPOLIS, IN – The Indiana Health Industry Forum (IHIF) today announced Indiana Congressional Representative Trey Hollingsworth (IN-9) as the group’s 2018 Legislator of the Year. The award is presented annually to legislative leaders who demonstrate a strong commitment to public health policy and service to Indiana’s health science business community.

Trey Hollingsworth“Representative Hollingsworth has been a strong proponent of Indiana’s bioscience industry”, said Kristin Jones, President and CEO of IHIF. “We applaud his support of the Fostering Innovation Act which provides financial management tools that can considerably aid young bioscience companies here in Indiana and nationwide. He has also actively connected with life science companies in his district and shown a deep understanding of the challenges facing companies in the industry.”

“The availability and effectiveness of a cure is what stands between life and death. For generations, the United States has led the world in biotechnology innovation, successfully pushing limits to find cures for some of the deadliest diseases,” said Representative Trey Hollingsworth. “Our country’s laws should allow for continued innovation and research for these cures, not prevent new ideas from potentially saving lives.”

Representative Hollingsworth was also recognized earlier this year as one of the Biotechnology Innovation Organization (BIO)’s “Innovators in Biotechnology” in recognition of his efforts to embrace the value of biotechnology and promote public policies to unleash the potential of life-saving innovations. BIO gives this award to Members of Congress who have been collaborative partners, advocates, and champions for the biotechnology and life sciences industries.

Previous IHIF Legislator of the Year award recipients include: Senator Joe Donnelly (2017), Representative Larry Bucshon and State Senator Patricia Miller (2016), Representative Susan W. Brooks (2015), and State Representative Ed Clere (2014) and State Senator Brandt Herschman (2014).


About IHIF:
IHIF is a statewide trade association representing Indiana’s bioscience business community. The diverse members of the Indiana Health Industry Forum generate the collective voice of the state’s health and life science industry. Our mission is to connect key stakeholders to: enhance business networks, advocate for member interests, develop workforce skills, and provide strategic vision in the interest of growing the state’s health industry economy and reputation. To learn more, please visit

IHIF Statement on U.S.-Mexico-Canada Agreement

October 11, 2018

INDIANAPOLIS (October 11, 2018) – Indiana Health Industry Forum President and CEO Kristin Jones released the following statement on the recent United States-Mexico-Canada Agreement:

“The new United States-Mexico-Canada Agreement (USMCA) is a positive step forward for America’s innovative health care sector. For decades, biotechnology pioneers from Indiana and across the country have been responsible for groundbreaking discoveries that have improved the lives of patients across the globe. The new business standards in this agreement will help continue this leadership by providing incentives for companies to continue to innovate, discover and grow.”


Related Statements from IHIF Partners:

AdvaMed Statement from Scott Whittaker

PhRMA Statement from Stephen Ubl

BIO Statement from Jim Greenwood

Hollingsworth Passes Bill to Cut Red Tape, Help Hoosier Companies Making Life-Saving Breakthroughs

February 15, 2018
FOR IMMEDIATE RELEASE Contact: Katie Webster
February 14, 2018 (202) 225-5315


WASHINGTON, D.C. – Today, the U.S. House of Representatives passed H.R. 1645, the Fostering Innovation Act, introduced by Rep. Trey Hollingsworth (R-IN) and Rep. Krysten Sinema (D-AZ), as part of a bipartisan legislative package to provide financial regulatory relief to Americans. H.R. 1645 helps ensure that costly regulations don’t stand in the way of successful biopharmaceutical research.


“This country has led the world in biotechnology innovation, successfully pushing limits to find cures for some of the deadliest diseases,” said Representative Hollingsworth. “The Fostering Innovation Act will right-size the regulatory environment that detracts from advancements, enabling America to develop the next generation of cures to combat illnesses that plague Hoosiers.”


Read the full text of the legislation, here.


The bioscience and biotechnology sector in Indiana has expressed strong support of the Fostering Innovation Act:


Kristin Jones, President and CEO, Indiana Health Industry Forum: “While the Fostering Innovation Act will be of broad benefit to companies in the bioscience sector across the country, Hoosier companies and patients also stand to benefit.  By eliminating a costly administrative burden, pre-revenue biotech companies will be able to focus more of their scarce investment funding on developing new therapies and adding high-wage jobs, instead of paying for expensive internal audits.  As more Indiana bioscience companies mature and look to IPOs as a viable fundraising option, we expect the benefits of the Act to accrue quickly.  We commend Rep. Hollingsworth for his leadership on this issue.”


Jeff Schwegman, Ph.D., Founder & CEO of AB BioTechnologies, Inc. (Bloomington, IN): “The Fostering Innovation Act eliminates the costly burdens of extensive audits to many of our clients, allowing them to invest further in drug development in Indiana. Ultimately these savings will be passed on to patients which benefits the community as a whole. Thanks to Representative Hollingsworth’s depth of understanding of the life sciences sector in Indiana, he was able to pass meaningful legislation that will provide a benefit to Hoosiers at all levels.”





Currently, emerging growth companies (EGCs) are exempt from certain regulatory requirements for the first five years after their IPO.  One of the requirements EGCs are exempt from is Sarbanes-Oxley Section 404 (b) – which requires public companies to obtain an external audit on the effectiveness of their internal controls for financial reporting.  This reporting requirement is both costly and unnecessary because management is still required to assess internal controls, and these EGCs have limited public exposure.


H.R. 1645 is a narrowly-tailored fix that temporarily extends the Sarbanes-Oxley Section 404(b) exemption for an additional five years for a small subset of EGCs with annual revenue of less than $50 million and less than $700 million in public float. This legislation does not prohibit an external audit if the company or the majority of shareholders determine an audit is benefit.




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Office of Representative Trey Hollingsworth  |  1641 Longworth House Office Building, Washington, DC 20515

P: (202) 225-5315 |

Senator Joe Donnelly Recognized as IHIF 2017 Legislator of the Year

January 16, 2018

September 14, 2017 – (Indianapolis, IN) –  The Indiana Health Industry Forum (IHIF) presented Senator Joe Donnelly with its 2017 Legislator of the Year Award at the group’s Annual Meeting held in Indianapolis in September.  As the Senate was in session, he accepted the award via a video shown to the attendees and was later presented with the award plaque at a meeting in Washington, D.C.. The recognition is given annually to state and federal legislators who demonstrate a commitment to excellence in public health policy and service to Indiana’s health science business community.


“Since being elected to the Senate in 2012, Senator Donnelly has been an outstanding advocate for patients and their right to access innovative medicines and therapies”, said Kristin Jones, president and CEO of IHIF.  “He understands the impact that this industry makes both economically to the state and to the lives of Hoosiers”.


In a year that saw a tremendous volume of healthcare policy negotiations and votes, Senator Donnelly stood by Hoosier veterans and Medicare recipients, sought ways to proactively address the nation’s opioid crisis, showed intense interest in learning how new medicines and devices are developed and brought to market, and strongly supported Indiana’s bioscience industry.


“Senator Donnelly joins a long line of previous award recipients at the state and federal levels,” said Jones. “While many legislators understand the importance of the bioscience industry to Indiana’s economy, we are delighted to be able to recognize those special champions who go the extra mile to help Hoosier patients.  It is a privilege to be able to include Senator Donnelly among our honorees”.


About IHIF

IHIF is a statewide trade association representing Indiana’s health science business community.  The diverse members of the Indiana Health Industry Forum generate the collective voice of the state’s health and life science industry.  Our mission is to connect key stakeholders to: enhance business networks, advocate for member interests, develop workforce skills, and provide strategic vision in the interest of growing the state’s health industry economy and reputation. To learn more, please visit

Trade Mission to 2017 Zhejiang Medical Expo

May 25, 2017

Turnpike Trade Mission
Zhejiang Medical Equipment Expo/Health Services Promotion Expo
Zhejiang Province, China
September 10-17, 2017

Hangzhou ExpoThe Hangzhou International Expo Center will be the main venue for the 2017 Health Expo in Hangzhou, the capital of Zhejiang province.(Photo/Xinhua)

The state trade association members of the Turnpike Partnership and their members are invited to participate in a trade mission to Zhejiang Province, China. Coordinated by the Indiana Health Industry Forum (IHIF) and their agent in China, Pacific World Trade (PWT), the mission will attend the “2017 Health Expo”, a joint meeting of the Zhejiang Medical Equipment Expo and the Health Services Promotion Expo. The exhibition and conference will be held in the newly appointed G-20 conference center in Hangzhou, Zhejiang, China.

Mission Focus

Expo 2

The Medical Products Exhibition provides procurement units across many different hospital and healthcare facility levels with an efficient and convenient platform
for viewing new devices and technologies.

This mission will focus on making introductions and developing commercial partnerships in China for U.S. companies engaged in the design, development, appointment/outfitting of hospitals and healthcare facilities, and related training and services.

  • Facility design and operation
  • Digital technologies
  • Hospital Equipment and Supplies
  • Training (healthcare and equipment)
  • Services

Mission Services
Companies participating in the mission will be provided with 1:1 meetings coordinated by PWT and the Zhejiang Health Services Promotion Council, a presentation opportunity to conference attendees, and participation in a Turnpike booth at the Expo.

September 10 – Depart US
September 11 – Arrive in Hangzhou, Zhejiang Province.
September 12 – Briefing/reception, potential for pre-arranged meetings/tours
September 13 – 16 – 2017 Healthcare Expo: exhibition, presentations, meetings
September 17 – Return to U.S.
*subject to change depending on availability

Mission fees and registration
Delegates are responsible for their own travel/accommodation arrangements. There will be a reserved block of hotel rooms for the mission, near the exhibition center. PWT will provide assistance with letters of invitation for visas, and have staff available on the ground in China. Other anticipated costs may include in-country transportation and translation services.

Mission participation fee: $2,995/organization*
*Mission fee subject to change. Rate includes shared costs for a 3mX3m Turnpike exhibition booth and rental of facilities for company presentations. Requires a minimum of four company participants.

Registration Deadline: August 1, 2017
For more information or to register for the mission, please contact the Indiana Health Industry Forum at  Download Mission Brochure.  Download 2017 ZIHIE Brochure.

About Zhejiang: Zhejiang province is located on the southeast coast of China, to the south of Shanghai. It is divided into eleven prefecture-level divisions, nine prefecture level cities and two sub-provincial cities (the capital city of Hangzhou and city of Ningbo). Zhejiang is considered a relatively wealthy province and has been consistently in the top 5 out of 34 provinces in terms of nominal total GDP and GDP per capita. In 2015, it contributed 7% of China’s total GDP. Zhejiang has a population of 55 million people with 1,049 hospitals across the province.

Zhejiang province is the largest consumer of medical devices in China and serves as a “showcase” for the total market. 30,000 professionals will attend the Expo. The annual transaction value at the Expo is over $175 million or about 20% of the total market value.

About the Conference: After two successful ZIHIE Expos, in September 2017, a more comprehensive and innovative Expo will be held at the new Hangzhou International Expo Center. With hundreds of exhibitors and thousands of their products and services from across the world, ZIHIE has become the largest health brand exposition for Zhejiang province. 800 hospitals will be represented by executive staff as part of the provincial Hospital Association annual meeting.

About IHIF/PWT: The Indiana Health Industry Forum and Pacific World Trade work together to help Indiana health science companies explore market opportunities in China and specifically work with governmental and private organizations in Zhejiang Province, Indiana’s sister-state. Leveraging the 30+ year relationship PWT has fostered on behalf of Indiana, combined with export guidance and counseling, member companies of IHIF can be assured of a well-researched and supported introduction to the Chinese market.

About the Turnpike Partnership: The Turnpike Partnership is an international network of health science industry associations focused on patient-driven public policy and innovation services. The Turnpike Partnership brings together health science associations and their members with industry leaders, research universities, startup companies, mentors, and related national trade associations. The Turnpike model erases geo-political boundaries and focuses on getting innovation in front of the people who can connect it most quickly to patients. Organized and led at the state/grassroots level, the Partnership provides a collaborative, viable, sustainable business model and support system.

IHIF Signs Partnership Agreement With Scottish Lifesciences Association

May 17, 2017

 Builds New Market Opportunities for State Industry Members

Contact: Kristin Jones, IHIF, +1-317-752-9809

(Indianapolis,IN USA and Edinburgh, Scotland UK- May 16, 2017) — The Indiana Health Industry Forum (IHIF) and the Scottish Lifesciences Association (SLA) have signed a Memorandum of Understanding to share member benefits between the two organizations.  IHIF and SLA share the same essential vision with regards to creation and maintenance of an environment that nurtures and supports life sciences companies.  The objectives are to foster innovation and valuable, dynamic links between US-based member companies of IHIF and Scotland-based member companies of SLA.


According to Scott Johnstone, CEO of the SLA, “IHIF and SLA intend to represent the USA and EU to each other as practical for the mutual benefit of our organizations and our member companies.  Through this relationship, we intend to increase the visibility, sales, investment, regulation, and innovation prospects for our member companies”.


Both organizations are members of the multi-state Turnpike Partnership, an innovation-driven network of resources and organizations built to support and enhance the life sciences industry. Scotland is a key international partner with a life sciences cluster of similar size and scope to Indiana’s.


Building on an already strong trade relationship, “IHIF and SLA were able to come together through the Turnpike Partnership and build an alliance that will directly benefit our members”, said Kristin Jones, President and CEO of IHIF.  “The partnership with SLA is a further expansion of our international network and will give our members strategic access to UK and European markets at a time of dynamic change.  We also look forward to working with members of SLA as they build their business networks and explore opportunities in the U.S.”


The MOU was signed at the 2017 Derby Summit, an annual event for the Kentucky Life Sciences Council.  The Scottish delegation also visited Boston and IHIF representatives attended the May 11 Spring Members Meeting for the SLA in Glasgow, Scotland.


About SLA

With 135 member companies and organisations, the SLA is the voice of Scotland’s vibrant life sciences industries to investors, NHSScotland, the Scottish and UK Governments, and the wider community.  The SLA is driven by and network with its members through 14 Special Interest Groups and 4 sub-groups.  The SLA helps to grow members’ businesses, and engage with the NHS and Government to grow the life sciences sector in Scotland.


For more information:


About IHIF

IHIF is a statewide trade association representing Indiana’s health science business community.  The diverse members of the Indiana Health Industry Forum generate the collective voice of the state’s health and life science industry.  Our mission is to connect key stakeholders to: enhance business networks, advocate for member interests, develop workforce skills, and provide strategic vision in the interest of growing the state’s health industry economy and reputation.


For more information:


Kristin Jones (IHIF) and Scott Johnstone (SLA) sign agreement to trade member services.


FAST BioMedical Raises $8 Million as part of Series A2 Financing Round

May 3, 2017

Carmel, Indiana – May 3, 2017 – FAST BioMedical, Inc. today announced it has secured $8 million of additional financing.  $5 million comes from a Series A2 Financing led by one new investor, F&M Investment Office.  This financing augments $3 million of grant funding received as a competing renewal award from the National Institute of Diabetes and Digestive and Kidney Diseases at the National Institutes of Health.  The proceeds will primarily be used to advance clinical trials of the company’s technology as well as to hire additional talent and advance the company’s global patent portfolio.

“This financing is an important and validating step to continue our progress,” said Joe Muldoon, FAST BioMedical Chief Executive Officer.  “We have already begun adding talent to the team, and are excited about their ability to immediately add value”

“FAST BioMedical has enormous potential to serve large unmet medical needs with its innovative technology,” said Mr. McClure, President of F&M Investment Office.  “We are delighted to partner with them, and see great promise in the ability to favorably impact critical patient care. ”

About FAST BioMedical

FAST BioMedical is a private, clinical-stage medical technology company in Carmel, Indiana.  The company’s globally patented first-in-class technologies directly measure blood volume and kidney function in a clinically viable way.  This has the potential for profound impact on care of congestive heart failure, major surgery, sepsis, critical care, and kidney disease patients.   The company has been financially supported by the NIH, Elevate Ventures, the Indiana 21st Century Fund, Rose-Hulman Ventures, BioCrossroads, Indiana University Medical Group, The Purdue Foundry Fund, Ellipsis Ventures, StepStone Partners, and private family office investors. The FDA has determined the company’s technology met the requirements for an Expedited Review.

These products are investigational and not yet approved for human use.

For more information, please visit

IHIF is a Proud Partner in National Health IT Week

August 21, 2016

This September, IHIF — as a partner in the advancement of health information technology to help improve healthcare —is a Proud Partner in National Health IT Week.  National Health IT Week is the premier event offering all healthcare stakeholders an opportunity to unite under one banner, expressing the benefits that health information technology (IT) brings to U.S. healthcare. “The Value of Health IT.”

Comprehensive health care reform is not possible without system-wide adoption of health information technology, which improves the quality of healthcare delivery, increases patient safety, decreases medical errors, and strengthens the interaction between patients and healthcare providers.

With Meaningful Use now providing the way forward, eligible providers across the country increasingly understand the benefits for themselves and their patients, and are adopting Meaningful Use compliant electronic health records.

Initiated in 2006 by the Healthcare Information and Management Systems Society (HIMSS), National Health IT Week has emerged as a landmark occasion for using health IT as part of the overall solution to improve America’s healthcare as a bipartisan, federally led, market driven initiative.

The Week consists of events across the country, including National Health IT Weekparticipants —vendors, provider organizations, payers, pharmaceutical/biotech companies, government agencies, industry/professional associations, research foundations, and consumer protection groups— all working together to elevate national attention to the advantages of advancing health IT.

View our full list of partners and updates on the Week’s events. Working together with our growing coalition of stakeholders, IHIF is helping to transform healthcare for all.

IHIF Welcomes New Members

August 3, 2016

Quality Connection

Quality Connection is a labor management partnership comprised of 100 union electrical contractors and nearly 3,000 International Brotherhood of Electrical Workers (IBEW) #481 electrical workers. Together labor and management provide the needed expertise, highly trained workforce, safety and dedication to help build many of Central Indiana’s premiere education, health care, utility sites and logistics projects. The unique business relationship spans more than 50 years and represents a strong tradition of quality electrical construction, progressive labor negotiations and community service. With an unprecedented commitment to workforce training, job safety and worker standards. Quality Connection . . .Quality Work, Customer Connected. Learn more at

NeRX Biosciences

One of the most effective chemotherapeutics used in the treatment of cancer continues to be the DNA damaging agent cisplatin. Pioneered by our Medical Advisor, Dr. Larry Einhorn at the Indiana University School of Medicine for the treatment of testicular cancer, cure rates now exceed 90% for this cancer. This represents one of the few shining stories since the “War on Cancer” was initiated in the early 1970’s. Unfortunately, cisplatin is considerably less effective in treating other cancers but remain first-line treatment for lung and ovarian cancer. NERx Biosciences co-founder and CSO, Dr. John Turchi has been studying the biology and biochemistry of cisplatin for 25 years and in 2005 was recruited to the Indiana University Cancer Center where advances in his laboratory have paved the way for recapitulating the successes of platinum treatment for testicular cancer in lung and ovarian cancer.

NĒRx Biosciences was established in 2009 to capitalize on these advances and discoveries to develop novel therapeutics to enable the effective treatment of highly prevalent and difficult to treat cancers including lung and ovarian. Learn more at


Azenix/Futago Corporation

 Researching and developing advanced process technology and design manufacturing plan cooperated with Futago LLC.


KinaSense is developing cell-based assays used in preclinical drug discovery to identify and characeterize new compounds for oncology. Our assays are faster, less expensive, and have more physiological relevance than traditional methods used in target validation and potency studies, allowing earlier decision making fro progressing compounds into animal studies.Learn more at


MorNuCo, Inc. is a biotech company focused on age related diseases with an emphasis on cancer detection. Learn more at

Phytoption LLC

Phytoption LLC is an innovation company developing propriatory ingredients to improve drug bioavailability, food quality, and cosmetics functionality. It offers patented technology and ingredients to pharmaceutical, food, or cosmetic industrial partners.

Safekeeping (2)

Safekeeping is a moblie application that delivers health and lifestyle information to family members of patients in care facilities.Learn more at

BIO Press Release: National Bioscience Report Shows Industry Creating Jobs and Driving Innovation

June 7, 2016
BIO Logo Horizontal RGB
1201 Maryland Avenue, SW l Ste. 900 l Washington, D.C. l 20024 l 202-962-9200
Web:       Blog:  Twitter: @IAmBiotech
For Immediate Release  
Contact:      George Goodno 202-962666       Ryan Helwing 800-832-1296

National Bioscience Report Shows Industry Creating Jobs and Driving Innovation

Bioscience industry contributing to U.S. economic growth and improving quality of life for patients
Indiana Maintains Recognition for Being a Large, Diverse Cluster


San Francisco, CA (June 7, 2016)-A study released today at the BIO International Convention shows increased employment within the U.S. bioscience industry for the last four consecutive years.  The report also shows impressive bioscience industry strength and resilience, with employment growth of nearly 10 percent since 2001. Among technology sectors the bioscience industry has been a leading performer over this period.

The report, The Value of Bioscience Innovation in Growing Jobs and Improving Quality of Life 2016, finds U.S. bioscience firms employ 1.66 million people, a figure that includes nearly 147,000 high-paying jobs created since 2001. The average annual wage for a U.S. bioscience worker reached $94,543 in 2014. These earnings are $43,000 greater, on average, than the overall U.S. private sector wage of $51,148.

The report further shows that since 2012, the bioscience industry has grown by 2.2 percent with four of its five major subsectors contributing to this overall job gain.  Two of these subsectors-research, testing, and medical labs and drugs and pharmaceuticals-have led growth during the 2-year period with both increasing employment by more than 3 percent.

Indiana’s bioscience industry is recognized again for being large, highly specialized, and standing out in its diversity.  In keeping with findings from recent studies and reports from BioCrossroads, Indiana’s industry has grown by 1.4 percent since 2012 with especially large job gains in drugs and pharmaceuticals. Indiana’s research universities combine to conduct nearly $582 million in bioscience-related R&D. Indiana has been increasing its bioscience patents, which reflect the diversity of the industry with medical devices, agricultural biosciences, biochemistry, and drugs and pharmaceuticals all represented as areas of focus.  Indianapolis-Carmel-Anderson and Lafayette-West Lafayette, IN Metropolitan Statistical Areas are recognized as being specialized in four of the five bioscience subsectors, with Bloomington and South Bend-Mishawaka Metropolitan Statistical Areas recognized as being specialized in three subsectors.

The report also takes the pulse of the broader U.S. innovation ecosystem for bioscience companies and finds this ecosystem rebounding but with mixed results.  The U.S. is experiencing strong gains in bioscience venture capital funding and patents, but a slowdown in bioscience-related university R&D expenditures and declining research funding from the National Institutes of Health (NIH).

In addition to examining the economic value of bioscience innovation, the report takes a focused look at the value of this innovation to patients illustrated via two case studies for patients with lung cancer and Type 2 diabetes.  The value of bioscience innovation is evident in quality of life improvements achieved over the last three decades, but there is more to be done.

“This report highlights the long-term expansion of our industry and the significant impact of the high-paying jobs that come with developing the innovative technologies that are helping to heal, fuel and feed the world. These biotech jobs are a critical economic component to states and local communities across the nation,” said Jim Greenwood, President and CEO of the Biotechnology Innovation Organization. “While the bioscience industry has continued to grow, our analysis shows it is not immune to market realties. State-level legislative and regulatory policies directly impact the innovation that brings research from the lab to the marketplace, and BIO will continue to advocate for effective public policy at every level of government.”

“The bioscience industry continues to prove its economic value by driving U.S. economic growth through innovation, but beyond this economic value, the industry is contributing value to patients every day through improvements to their quality of life,” said Ryan Helwig, Principal and Project Director with TEConomy Partners.

The state-by-state industry assessment is the seventh in a biennial series, developed in partnership by  TEConomy and  BIO, presenting data on national, state, and metropolitan area bioscience industry employment and recent trends.

Additional highlights from the industry economic analysis include:
  • Overall industry employment has increased for four consecutive years, and in 2014 all five of the major industry subsectors grew.
  • The industry continues to create and sustain high-wage jobs, reflecting the high skills and education requirements of an innovative workforce, with the average U.S. bioscience worker earning nearly 85 percent more than the private sector average. Bioscience wages have grown substantially faster than overall private sector wages.
  • The industry is a major economic driver and is well distributed across U.S. states and cities:
    • From 2012 through 2014, 35 states experienced net job growth in the biosciences.
    • Thirty-two states and Puerto Rico have an employment specialization in at least one bioscience subsector (at least 20 percent more concentrated than the nation).
    • For U.S. metropolitan areas, 222 of 381 have at least one bioscience specialization.
  • Through strong economic multiplier impacts, each bioscience industry job generates an additional 4.5 jobs in the U.S. economy. The broader employment impact of the 1.66 million U.S. bioscience jobs is an additional 7.53 million jobs throughout the rest of the economy.
Highlights from the analysis of the innovation ecosystem for the bioscience industry include:
  • TEConomy/BIO see strength in recent venture capital and patenting trends:
    • Venture capital investments in bioscience-related companies have increased significantly from a $10.0 billion per year average in 2012-13 to a $14.4 billion per year average in 2014-15.  The investment levels reached in the last two years represent new highs for bioscience-related venture capital.
    • Innovation continues to drive the biosciences, with more than 100,000 U.S. bioscience patents awarded from 2012 through 2015.  During this period, patent volumes continue to trend upward.
  • Signs of stress remain in metrics of federal research funding and academic R&D activity:
    • Overall funding from NIH has declined by 3 percent from 2012 through 2015, despite an uptick in this latest year.  It should be noted that concerns over this stagnate level of NIH funding led Congress to approve a nearly 6 percent increase for NIH in FY 2016.
    • Across America’s colleges and universities, the pace of R&D spending in bioscience-related research areas has slowed considerably.  From 2012 through 2014, the average annual increase in bioscience-related university R&D was 0.6 percent, while during the preceding 10-year period annual increases averaged 7 percent.
The TEConomy/BIO report includes individual profiles for all 50 states, the District of Columbia and Puerto Rico, and can be found on the BIO website at  Indiana’s report is availablehere.

About BIO

BIO is the world’s largest trade association representing biotechnology companies, academic institutions, state biotechnology centers and related organizations across the United States and in more than 30 other nations. BIO members are involved in the research and development of innovative healthcare, agricultural, industrial and environmental biotechnology products. BIO also produces the BIO International Convention, the world’s largest gathering of the biotechnology industry, along with industry-leading investor and partnering meetings held around the world. BIOtechNOW is BIO’s blog chronicling “innovations transforming our world” and the BIO Newsletter is the organization’s bi-weekly email newsletter.  Subscribe to the BIO Newsletter.

About TEConomy
TEConomy Partners, LLC is a global leader in research, analysis, and strategy for innovation-based economic development. Today we’re helping nations, states, regions, universities, and industries blueprint their future and translate knowledge into prosperity.  The Principals of TEConomy Partners include the authors of the prior Battelle/BIO State Bioscience Development reports, published since 2004.  For more information, please visit

About IHIF

The Indiana Health Industry Forum is the state affiliate of the Biotechnology Innovation Organization (BIO).  IHIF is a statewide trade association representing members of Indiana’s health science business community.  Our mission is the connect key stakeholders to: enhance business networks, advocate for member interests, develop workforce skills, and provide strategic vision in the interest of growing the state’s health industry economy and reputation.  For more information or to become a member, please visit