The life science industry is the general grouping of fields that work to better the lives of organisms. These fields include pharmaceuticals, biotechnology, medical device technology, biomedical technology, and the limitless number of sectors that support the development and manufacturing efforts within these fields.
Advancements in the life sciences industry impact our lives and wellbeing every day. From the medicines developed by pharmaceutical companies to cure, treat, and prevent disease, to the medical device companies that create and manufacture surgical tools, the life sciences industry is critical in improving individual and public health outcomes, in addition to the quality of life.
In 2018, it is estimated that the life sciences industry contributed $2.6 trillion to the U.S. economy. From the 1.87 million workers that the industry employs, to the indirect economic impact generated by supporting subsectors, it is estimated the life sciences industry makes up for 7.1% of all U.S. economic activity.
On a local level, life science investment is appealing due to the high-wage, quality jobs it brings to a community, which increases the tax base and consumer spending within the local economy. In addition, life science companies have traditionally demonstrated a long-term presence in the communities they locate to, providing a lasting impact for many years after the initial investments are made.
Over the last year, the City of Fishers has seen nearly $221 million of committed investment by life science companies. In 2020, Genezen Labs & INCOG BioPharma kicked off the waterfall of investment with plans for the development of new lab space and a new headquarters, respectively.
Continuing the momentum in 2021, Quantigen, Telix Pharmaceuticals, and the Italian pharmaceutical manufacturer, Stevanato, made individual announcements for their expansion and relocation plans in Fishers. In support of the growing life science investment, the City recently acquired 75 acres of land, dedicated specifically to life science companies looking to expand in Fishers.
On a national level, the City of Fishers provides a low cost of living, an exceptional workforce (both in existing workers and a pipeline of graduates from the state’s world-renowned universities), in addition to a proximity to big life science players like Eli Lilly and Roche. Furthermore, as manufacturing becomes increasingly important for production and fulfillment aspects of life science development, the State’s manufacturing reputation has become increasingly attractive to companies within the industry. The array of benefits between the City of Fishers and the larger ecosystem within the state have set the City apart as a destination for life sciences investment and created a positive outlook for the City to secure continued investment into the future.