The life science field has grown into a $99 billion industry, and Indiana has been the top exporter of its products, a new study by Indianapolis-based company BioCrossroads found. Photo by Google Maps.

News Release

INDIANAPOLIS — According to a new BioCrossroads report, in 2024, Indiana was the largest national exporter of life science products and the industry generated $99 billion in economic activity.

According to BioCrossroads, pharmaceutical exports increased from $15 billion to $21 billion and life science exports increased from $22 billion to $27 billion between 2023 and 2024.

More than 70,000 people across Indiana work in the sector, reads the BioCrossroads report published Monday, March 7. The success of companies such as Eli Lilly and Co., and its products like weight loss drugs like Zepbound and Mounjaro have greatly contributed to the sector.

Lilly, an Indianapolis-based company, is also investing billions of dollars in Lebanon’s LEAP Research and Innovation District. And gaining momentum across the state is nuclear medicine, supplied by companies like Novartis and SpectronRx.

The report also details that average wages for life sciences careers in Indiana increased by $38,000 from last year to $148,000 in 2024.

In September, Carmel-based MBX Biosciences Inc.’s share price rose by almost 48%.

Industry-wide, Indiana’s life sciences companies raised $260 million in 36 venture capital financing transactions.