Indiana a Hotbed for Life Sciences, Medical Device Development
OEMs looking to strengthen the ROI of their medical devices might benefit from exploring one rising hotbed for life sciences: Indiana. The state’s central location, relatively low cost of doing business, and strong life sciences climate make it a powerful combination that’s fueling demand across the sector, reports BioFutures. But that’s not all.
A few attributes unique to the Indiana market make it particularly attractive to medical device manufacturers. We’ll touch on some of those attributes below.
A data-driven perspective
If health data is king, then Indiana is its throne. The state is home to the nation’s largest health information exchange and the first-of-its-kind 5G Zone, designed to drive testing and development of 5G-enabled technologies.
At the Indiana Connected Health IoT Lab, various sectors (e.g. pharma, manufacturing, insurance, health IT, and more) convene to collaborate on emerging, health IoT technologies. The Regenstrief Institute boasts more than 20 scientists working on numerous health-data-centered initiatives, and the Indiana Data Hub provides a repository of data “available for analysis, collaboration and innovation,” reports BioFutures.
These examples are just a taste of the vast life sciences ecosystem in the state. Altogether, “Indiana has demonstrated a data-driven perspective that others have only recently grasped,” said Euan Cameron, CEO of Cohesion Medical based in Glasgow, Scotland.
A logistics powerhouse
With “Crossroads of America” as its official motto, Indiana is a logistics powerhouse, with nine interstates converging in Indianapolis plus the presence of the second largest FedEx hub in the nation. For OEMs, that adds up to faster, more efficient distribution of products.
Dallas-based Life Science Logistics is among the companies moving to Indiana to take advantage of those efficiencies. “Indiana in general is a great state for distribution, being centrally located to the U.S. population,” said John Blackington, the company’s business development director, to BioFutures. “We can reach about 80% of the population on the ground within a couple of days.”
Heavy investment in research, innovation, talent
Indiana’s heavy investment in research, talent and collaboration in life sciences is apparent in the rapid growth of startups and mid-tier companies in the state.
In 2019, Indiana’s major universities drew record funding for life sciences research, and a record number of Indiana life sciences companies secured venture capital funding, reported BioFutures. The state also continues to attract the attention and investment of organizations beyond the U.S., like the Scottish Life Sciences Association, which partners with Genesis Plastics Welding for medical device manufacturing.
Lifesaving devices Genesis manufactures for brands you’d readily recognize include:
· Surgical products
· Wound care products
· Temperature management products
|· Infection prevention products
· Oxygen hoods
· Medical fluid bags
· Bioprocessing bags
· Cryogenic storage bags
· Shaker and rocker bags
“It makes sense that Indiana is home to a large contract services sector,” said Tom Ryder, president and CEO of Genesis Plastics Welding. Tom noted that startups and smaller manufacturers readily see outsourcing advantages, but large manufacturers are increasingly outsourcing functions as well.
Aleks Davis, CEO of B2S Life Sciences, added yet another advantage to working with drug and medical device development contract services in Indiana: It’s considerably “less expensive than places like Cambridge, San Diego and San Francisco.”
“We have seen first-hand how our innovations are changing the lives of patients here and around the globe,” shared Kristin Jones, president and CEO of the Indiana Health Industry Forum. “Whether your company is well established or just entering the market, Indiana offers a collaborative, supportive, interactive and dynamic community that operates at the highest international standards and capacities. We hope to work with you soon!”
Explore Genesis Plastics Welding’s medical device development division – MedTech Launch.