Governor Mike Pence and representatives from the Indiana Economic Development Corporation will travel to Chicago, Ill. this week for the 2013 BIO International Convention. The trip is part of the state's business recruiting efforts at the world's largest biotechnology trade show that is expected to host more than 16,500 life science leaders from 65 countries. While in Chicago, the IEDC team will meet with national and international biotechnology companies to promote the state's strengths in life sciences.
"With our vibrant life sciences sector and first-class workforce, Indiana is an epicenter for medical innovation," said Victor Smith, Indiana Secretary of Commerce. "Indiana companies continue to be on the cutting-edge of biomedical progress, placing the Hoosier State on the forefront of medical discovery. We are eager to show off that pioneering spirit and share why, biologically speaking, Indiana works for business."
The Hoosier State's life sciences industry includes the corporate headquarters of such giants as Eli Lilly, Biomet, Cook Group and Dow AgroSciences. The total economic impact of the industry in Indiana is estimated at $50 billion a year by BioCrossroads in a report released earlier this year. More than 1,600 life sciences companies that employ 55,000 Hoosiers call Indiana home.
In addition to attending the conference, the IEDC will host a reception for global leaders in the life science industry. The reception is funded by the Indiana Economic Development Foundation and through donations from NIPSCO. Other sponsoring partners for the state's BIO efforts include Hoosier Energy, Indiana Municipal Power Agency and Indiana Technology Corridor.
The April conference adds to the latest developments in Indiana's health sciences industry. Earlier this month, Pence joined executives from Dow AgroSciences for the grand opening of the global life sciences company's $340 million research and development building on its headquarters campus in Indianapolis. As part of the project, the company projects to create 550 new high-wage jobs over the next few years.
About BIO International
BIO represents more than 1,100 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. BIO produces BIOtechNOW, an online portal and monthly newsletter chronicling "innovations transforming our world."
Created in 2005 to replace the former Department of Commerce, the Indiana Economic Development Corporation is governed by a 12-member board chaired by Governor Mike Pence. Victor Smith serves as the Indiana Secretary of Commerce and Eric Doden is the president of the IEDC.
The IEDC oversees programs enacted by the General Assembly including tax credits, workforce training grants and public infrastructure assistance. All tax credits are performance-based. Therefore, companies must first invest in Indiana through job creation or capital investment before incentives are paid. A company who does not meet its full projections only receives a percentage of the incentives proportional to its actual investment. For more information about IEDC, visit www.iedc.in.gov.