IU's Commitment to Indiana's Future
Leadership
Legislative Priority: Funding for Life Sciences Initiative tops IU's list
JT. Forbes
Assistant Vice President and Executive Director for State Relations
This is a pivotal year for Indiana's economy. While the state has a balanced budget and Indiana's economic outlook has improved, the Hoosier economy is in transition.
Indiana University has a plan for transforming Indiana's economy and creating even better job and wage prospects for Hoosiers—The Indiana Life Sciences Initiative (PDF, 575KB). State funding for this plan is vital, which is why it will be IU's top legislative priority.
Indiana's economic situation is described in Accelerating Growth, the State's strategic economic development plan:
"For the past 50 years the state's economy has been in stealth decline, losing ground slowly enough to be off most radar screens. Per capita income, considered the best all-around measure of a state's economic health, has slipped from 106.4 percent of the national average in 1953 to 91.4 percent today – the ninth steepest decline in the nation. Indiana now ranks 35th out of 50 states in overall economic performance according to the 2005 Indiana Chamber of Commerce Vision 2010 Report Card."
Clearly, Indiana is challenged to foster greater job and income growth, building on the base of traditional manufacturing to create a state economy populated by even more "high-wage, high-growth, and high-margin businesses."
Indiana University life sciences researchers and their track record of success put the state of Indiana in a unique position to move front ranks of national life sciences leadership.
Over the last six years, Indiana University has attracted more than $1.8 billion in research funding. Revenues from faculty inventions exceeded $6 million this year. We have produced 43% of Indiana college graduates with degrees in the health and life sciences over the last ten years. All this is more than all other Indiana universities combined.
Our research enterprises are populated with a multitude of scientists and researchers who are as productive or more productive than their peers. The problem is that Indiana simply doesn't have enough of them.
At IU, we recognize that Indiana University will not be strong if the Hoosier economy is not. This is why our life sciences plan is designed to help build Indiana's economy. This is why we have launched the Indiana Life Sciences Initiative – to help build Indiana's economy.
Over the next 12 years, IU plans to hire nearly 500 top-flight researchers, aggressively collaborate with Indiana's other research universities and life sciences businesses, align our regional medical education centers to meet an impending physician shortage, catalyze life sciences industry development around the state, and increase our technology transfer efforts.
The Indiana Life Sciences Initiative would build on the productivity and success of IU life science researchers to achieve the following for Indiana between 2007 and 2019:
Bring more research dollars home to Indiana: The plan will attract at least $2.4 billion in externally funded research dollars that Indiana would not otherwise get.
Attract, retain, and develop new Hoosier talent: Nearly 2,500 life sciences jobs will be created. These jobs will stimulate as many as 14,000 new Hoosier jobs in the life sciences, services, construction, and other sectors across the state.
Promote investment: At least $100 million in licensing revenue will be generated from new technologies and intellectual property that will attract more capital investment in Indiana. A conservative estimate based on current trends and the experience of other states suggests that no fewer than 100 new companies will either be attracted or developed.
- Improve Hoosier health: Life sciences research will produce new medical treatments that will improve Hoosiers' health and reduce health care spending.
During the next legislative session, IU will ask the state to make a $50 million down payment on the Indiana Life Sciences Initiative. As of this writing, IU will match the state's investment with no less than $46 million over the next two years.
Strong grassroots support will be critical. We are working with Indiana life sciences firms and organizations to establish a life sciences coalition. Our Hoosiers for Higher Education also will be mobilizing support. We hope that you will join us in our campaign to bring an even brighter future to Indiana.
You can do so by logging on to www.gov.indiana.edu/hhe and joining Hoosiers for Higher Education.
Originally appeared in Indiana Alumni Magazine, November/December 2006. Reprinted with permission.
