In our last newsletter we talked about building an environment that works for business in Indiana and how nine years of hard work and smart fiscal choices are paying off. You’re probably going to hear about it more as our economic development strategy of keeping business costs low and regulations to a minimum continues to steal the spotlight from larger states, where costs are high and regulations are restrictive for business. So here’s another example of Indiana’s competitive advantage gaining prominence in a marketplace where bigger states with more brand recognition have ruled historically.
Indiana’s life sciences industry picked up yet another large chunk of total industry impact last week when BioCrossroads announced that the Hoosier State’s life sciences exports now rank second in the nation. It’s significant because we edged out Texas this year and because we’re solidly placed behind California for the top spot. Our closest competitors are two of the largest states, not just in reputation, but in land mass and population.
So think about that. Texas always goes bigger for advertising and continues to tout its zero business tax slogan, but this time we’re outshining the state for attention in a global market worth over a trillion dollars. Indiana alone was responsible for roughly $10 billion in life sciences exports last year. It’s HUGE, and it’s definitely getting noticed on the national and international stage.
But why get excited about being second behind California for the number one spot? The answer is in what we talked about in our last newsletter. California is ranked near the very bottom of the economic freedom charts, and so higher costs and more restrictive regulations on the West Coast are only going to increase focus on lower costs and regulations in Indiana, driving more life sciences business our way.
We’re already the orthopedics capitol of the world, and we’re also home to the largest privately held medical device manufacturer on the planet. If Indiana becomes the number one exporter of life science products in the near future, it isn't going to be a surprise to anyone. It’s going to be the obvious next step in the development of a state that works.