INDIANPOLIS — Indiana is committing $1 billion in performance-based incentives to attract and retain life sciences companies in the state, Governor Mike Braun announced Tuesday morning.
Braun was joined by Indiana Secretary of Commerce David Adams and Fishers Mayor Scott Fadness for the announcement. Fadness will lead the execution of the statewide initiative, which targets an industry represented by major players including Eli Lilly, Elanco and INCOG.
The governor said life sciences were identified as a priority because of their economic potential and competition from other states.
"It's gonna support the highest wages, it's a growth industry," Governor Braun said. "Other states are trying to maybe corner that market, and remember we've got 49 competitors."
The incentives are performance-based and tied to job creation at specific wage thresholds, Adams said.
"Unless a particular job is 100% above 125% of the county wage, they're not eligible for these performance-based incentives," Adams explained. "They won't get those incentives unless those jobs do get created."
Jeff Simmons, CEO of Elanco Animal Health, said the life sciences industry is connected to some of the world's most pressing challenges.
"We're all linked into society's, I kind of say, biggest problems from food to health to the well-being of the planet," Simmons told WRTV. "All of that is connected."
Simmons said he expects the announcement to have a lasting impact on Indiana communities.
"Watch what's gonna happen from this announcement the rest of the decade. Look for companies, look for new innovations, look for new innovators, for top-named scientists to come here," Simmons predicted. "And that's gonna lead to changed communities in a big way here in Indiana."
Fadness pointed to life sciences activity already underway across the state.
"There's incredible work being done in downtown Indianapolis. There's incredible work being done at Lebanon. Greenfield has incredible opportunities happening. Plainfield is crushing it when it comes to logistics on life sciences," Mayor Fadness acknowledged. "So, really, it's all out there already... I think we're going to have a lot of momentum behind us."
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