Indiana Health Industry Forum begins asset mapping, strategic planning initiative

February 13 2008

The Indiana Health Industry Forum announced Wednesday (Feb. 13) that life sciences asset mapping data collection began in west-central Indiana with a kick-off meeting convened by Indiana State University.

The team of Cushman & Wakefield Global Consulting Group and Bingham Economic Development Advisors LLC has been hired for the statewide project and will lead the effort in conjunction with local economic development officials, volunteers and sponsors.

The asset mapping project is the first of its kind nationwide and will collect comprehensive data from all sectors of the life sciences industry in Indiana. Once compiled and verified, the data will be analyzed and used to create realistic strategies to enhance economic development across the state. Data will be collected from companies, hospitals, colleges/universities and communities to gauge the life science resources available at each. All survey templates are available at www.ihif.org.

“This initiative will help communities better understand the needs of their existing assets, attract new businesses and jobs, and encourage entrepreneurship,” said Mike Brooks, president & CEO of the Indiana Health Industry Forum. “This will empower regions and allow Indiana to take a national leadership role in the life sciences.”

Local economic development organizations throughout the state will be instrumental in the data collection process.

“We will work with IHIF to reach out not only to existing life sciences businesses in our community, but hospitals, education institutions and other companies that may have a connection to the life sciences but may not realize it,” said Chris Pfaff, director of Indiana State University’s Center for Business Support and Economic Innovation and champion of the west-central Indiana data collection area which includes Clay, Owen, Parke, Putnam, Sullivan, Vermillion and Vigo counties.

"The life sciences have been -- and will continue to be -- an important part of the greater Terre Haute economy. The Indiana Health Industry Forum's asset mapping and strategic planning initiative will help our community become even more competitive in this rapidly growing sector of Indiana's economy," said Steve Witt, president of Terre Haute Economic Development Corp.

The study will cover all aspects of the life sciences and health industries in Indiana, including healthcare delivery, medical devices and equipment, pharmaceuticals, agriculture and veterinary products, private sector and university research, and support services. It is estimated that there are more than 1,200 companies and organizations in Indiana involved in the health and life sciences sectors.

The initiative is being funded by a combination of grants and other financial support. Contributors include the Indiana Economic Development Corp., Duke Energy, Indianapolis Power and Light, Hoosier Energy, NIPSCO, AEP: Indiana Michigan Power, Vectren, Indiana Municipal Power Agency, Wabash Valley Power Association, The RND Group Inc., Roche Diagnostics, Safis Solutions LLC, Pepper Construction, Beckman Coulter, Colliers Turley Martin Tucker, and Browning Construction.

The life sciences industry is vital to Indiana’s economic future. Statewide, more than 575,000 jobs are tied to the health and life sciences sector and prospects for future growth are strong. The BIO/Battelle Report, “Growing the Nation's Biotech Sector: State Bioscience Initiatives 2006,” ranked Indiana as one of the top three states in the nation for the life sciences industry. Overall, the industry is predicted to create thousands of new, quality jobs in Indiana in the coming years.

Organizations interested in participating in the project in west-central Indiana are encouraged to contact Chris Pfaff at 812-237-2530.

About IHIF
The Indiana Health Industry Forum (IHIF) is a not-for-profit, private sector organization with members that represent a private/public alliance of manufacturers, healthcare providers, suppliers, educational institutions, service providers and government officials. Its mission is to create an environment where Indiana is a premier location for the creation and growth of health industry enterprises. To learn more, please visit www.ihif.org or contact IHIF at 317-278-9970.

About Bingham Economic Development Advisors LLC
Bingham Economic Development Advisors (BEDA) provides comprehensive economic development consulting services to corporate and community clients. A wholly-owned subsidiary of Bingham McHale LLP, BEDA has offices in Indianapolis, Indiana and Pensacola, Florida. Learn more by visiting www.binghameda.com or contact BEDA at 317-968-5575.

About Cushman & Wakefield
Cushman & Wakefield is the world’s largest privately-held real estate services firm. Founded in 1917, the firm has 195 offices in 55 countries around the globe, and 11,000+ talented professionals. Cushman & Wakefield delivers integrated solutions by actively advising, implementing and managing on behalf of landlords, tenants, and investors through every stage of the real estate process. Cushman & Wakefield also provides valuation advice, strategic planning and research, portfolio analysis, and site selection and space location assistance, among many other advisory services. To find out more about Cushman & Wakefield, call 800-376-3133, or visit www.cushmanwakefield.com.

Contact: Kristin Jones, vice president of business development, Indiana Health Industry Forum, 317-278-9973 or kjones@ihif.org

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Story Highlights

The Indiana Health Industry Forum announced Wednesday (Feb. 13) that life sciences asset mapping data collection began in west-central Indiana with a kick-off meeting convened by Indiana State University. Chris Pfaff, director of Indiana State University's Center for Business Support and Economic Innovation will champion the collectin of data for west-central Indiana.

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