Medical Device Industry Booming in Indiana, FaegreBD Consulting Study Shows

Indiana is home to the fifth largest medical device industry in the nation, which generates more than $10 billion annually, according to the report "From Hearts to Hips: Indiana's Leadership in Medical Devices" issued by FaegreBD Consulting and BioCrossroads. The report is the first of its kind to exclusively study the life sciences sector, the Indianapolis Star and Medical Design Technology reported.

"This report is proof that Indiana's medical devices sector is robust and resides on a solid foundation that positions us well for future growth," said David Johnson, president of BioCrossroads and counsel at Faegre Baker Daniels.

The study found that the medical device sector accounts for more than 40 percent of life sciences jobs in Indiana and employs more than 20,000 people. Many who work in this industry are employed by small companies scattered across the state in places not typically thought of as medical device industry strongholds, according to Medical Design Technology.

"Indiana's medical device industry is a cornerstone to the state's life sciences sector and the state's economy overall," said Dave Zook, chair of FaegreBD Consulting. "There are several looming challenges that, if unaddressed, will significantly weaken the industry and the state's economy.

"There are still many external factors like the economic, regulatory and health care reform environment that pose real challenges for this industry," Johnson told the Indianapolis Star.