BioCrossroads has released its 2024 Annual Report, capturing a powerful year of momentum across Indiana’s life sciences ecosystem. From record-breaking exports to expanded workforce programs and growing investment in innovation, the report highlights how statewide collaboration, supported by BioCrossroads, continues to shape Indiana’s future as a global leader in health and life sciences.
In 2024, Indiana overtook California to become the number one life sciences exporting state in the country, with $27 billion in product exports and more than $99 billion in total economic activity.
BioCrossroads helped power this progress through strategic partnerships, talent initiatives, and its role as a connector for companies, researchers, educators, and policymakers across the state.
“Indiana’s rise to the number one spot highlights the strength of our innovation, manufacturing, and logistics capabilities within our life sciences community,” said BioCrossroads President and CEO Vince Wong. “We’re proud to have played a part in the partnerships and programs that catalyze economic growth, spark innovation, and ultimately improve health around the world.”
In 2024, BioCrossroads helped fuel Indiana’s growing momentum by playing a vital role in securing the Heartland BioWorks Tech Hub, an Economic Development Administration (EDA)-designated and funded Tech Hub powered by the Applied Research Institute (ARI). With $51 million in EDA implementation funding, this partnership launched key efforts at the 16 Tech Innovation District, including Heartland BioWorks BioTrain and Heartland BioWorks BioLaunch. These initiatives are laying the groundwork for long-term growth, offering cutting-edge training in biopharmaceutical manufacturing and hands-on support for the next generation of life sciences startups.
BioCrossroads was also designated Indiana’s Industry Talent Association for the healthcare and life sciences sectors in 2024, a key role that supports the development of new career apprenticeship pathways. Through partnerships with employers, educators, and training providers, the organization is helping to build a pipeline of skilled talent prepared to meet the sector’s growing needs.
That growth is reflected in the numbers. Indiana’s life sciences sector now supports more than 70,000 jobs across 3,253 establishments—an increase over the previous year. These jobs are accompanied by an average annual wage of $148,000, underscoring the sector’s impact on the state’s economy and workforce.
Indiana’s life sciences companies also attracted $260 million in venture capital across 36 deals in 2024, and the state recorded more than 100 new FDA approvals and 926 new patents. The Annual Report highlights expanded innovation and entrepreneurship efforts to further unlock the potential of Indiana’s life science ccommunity, through initiatives including the AXIS Mentoring Program and the Odyssey Group. BioCrossroads also proudly supported the launch of the IU Launch Accelerator for Biosciences (IU LAB), recognizing the program’s vital role in accelerating groundbreaking ideas, fostering collaboration, and directly advancing our mission to grow Indiana's thriving life sciences sector. In addition, BioCrossroads delivered platforms to elevate Indiana’s thought leadership by hosting its first sold-out Life Sciences Summit and welcoming hundreds of participants to FrameWORX events focused on nuclear medicine, workforce development, and regional innovation strategies.
“Indiana’s life sciences sector continues to grow because of the way we work together,” said Dan Peterson, Chair of the BioCrossroads Board of Directors and Vice President of Industry and Government Affairs at Cook Group. “This report reflects a shared commitment to doing more — whether that means training talent, supporting entrepreneurs, or strengthening partnerships. BioCrossroads plays a vital role in bringing those efforts together.”
To see the full report, visit www.BioCrossroads.com.
