From Hearts to Hips provides serious look at Indiana’s Leadership in Medical Devices

According to a recent report published by BioCrossroads, the medical device sector in Indiana employs over 20,000 people, accounting for more than 40% of the state’s life sciences industry.

Jobs in medical devices pay an average of $60,000 per year, according to the report, more than 56% higher than the amount earned by the state’s average private sector worker.
The report, titled From Hearts to Hips Indiana’s Leadership in Medical Devices, January 2012, is “the first report focused specifically on documenting the size, scope and economic impact of the medical device sector within Indiana.”

The findings of the report were the primary focus at last month’s BioCrossroads Frameworx event in Indianapolis, Indiana. David Floyd, OrthoWorx Chief Executive Officer, served as a panelist at the event. We encourage you to listen to the podcast and review the report for the full benefit of its findings.

The report is also referenced as a source for baseline data on the sector, including placing the findings in context of a national perspective. Indeed, the report says that Indiana is fifth in the nation in terms of its percentage of medical technology employment.

The report’s findings affirm: “Indiana’s medical device industry is one of the state’s most valuable economic assets and has made Indiana a nationally recognized leader in the health care sector.” The report also recognizes the Indiana medical device sector’s key attributes to success, despite a prolonged, national recession. These include manufacturing intensity, statewide impact, high-paying jobs, rising educational needs and high diversification (of products).

Further, the report offers a thought-provoking outlook regarding the future of Indiana’s medical device industry. “Looking forward, the industry is well positioned for expansion due to an aging American and global population with complex chronic diseases such as obesity, diabetes, and high blood pressure. However, a number of significant, external challenges threaten the industry’s worldwide leadership.”

A number of external challenges face Indiana’s medical device industry, according to the report. These include: a rapidly changing healthcare sector, anti-innovation tax policies, regulatory uncertainty (including but not limited to 510(k) reform), retaining a skilled workforce and increasing global competitiveness.

Through the report, BioCrossroads challenges the medical device industry to unify and take action against these threats. ”Failure to do so risks one of the state’s most important industries for today and the future. Efforts to combat some of the challenges are in progress, and continual monitoring of the ever-changing landscape will enable companies and their partners to stay ahead of the game.”

Despite challenges, the medical device industry can pro-actively manage and address them. The industry is resilient. The report concludes: “Indiana’s deep medical device entrepreneurial roots and its robust industry have helped the region, its business, and its citizens to weather a deep economic downturn and sluggish recovery better than many other areas. The continued success of this sector will advance a healthier economy—and healthier citizens—for Indiana’s future as a center of medical technology innovation, production and growth.”

The report’s findings were compiled through multiple qualitative data sources, a survey of Indiana’s medical device enterprises and interviews with industry executives.