2013 Indiana Life Sciences Summit
This week Brad Henry and Rick Van Doel attended the 2013 Indiana Life Sciences Summit. The event kicked off with a reception Monday evening where we had the opportunity to mingle with potential clients, venture capitalist, lawyers, and of course other competitors.
The Formal summit kicked off Tuesday morning with the Keynote Address provided by Dr. McClellan, Brookings Institute Senior Fellow, Former Commissioner of the US FDA, Former Administrator of the Centers for Medicare and Medicaid Services. The keynote addressed the innovation required across multiple fronts in the healthcare industry. Dr. McClellan discussed the need for innovation in discovery, manufacturing, regulatory approval, CMS reimbursement, and healthcare delivery in order to provide a more sustainable model of healthcare cost.
Following the keynote address were multiple panels.
- Panel I: Indiana’s Answers to the Politics of Innovation in Healthcare. The panel consisted of medical device manufacturers, pharma manufacturing, and healthcare delivery. A key topic was how the 2.3% medical device tax is reducing innovation and costing Indiana jobs.
- Panel II: The Indiana Biosciences Research Institute (IBRI): A Collaboration to Innovate Smarter, Faster, and Better. Advertised as the world’s largest panel (the panel had 10 panelists plus a moderator), the panel discussed the new IBRI, the status of state and private funding (25M from the State of Indiana and 25M matching private funds). The Indiana Biosciences Research Institute is our opportunity to bring together our industry and university assets in a collaborative environment to focus on interrelated health issues that disproportionately affect Hoosiers – cardiovascular disease, diabetes, obesity and nutrition. Read more about the IBRI here.
- Panel III: Weathering the Capital Crunch: Life Sciences Funding Opportunities and Challenges. This panel consisted of five venture capitalist who discussed how Venture Capital as well as National Institute of Health Grants is off their peak amounts from 2013. VC’s one or multiple provide early funding startup in exchange for some portion of ownership. This funding provides financing during the discovery, development phase prior to commercialization of the product (or sale of the product or technology to an established company).
- Dr. Phillip Low (Purdue University) was awarded the Watanabe Life Sciences Champion of the Year Award.
The event was well-received by the attendees and provided good insight to the innovation activities being taken across our industry in the state of Indiana.