We've talked the talk many times about the relationship between medical innovation and jobs. Just last month, the industry walked the walk when the grassroots organization "We Work For Health" released a report stating that 12 biopharmaceutical companies spent roughly $20 billion in 2010 on vendors in just three states (New Jersey, Pennsylvania, and Texas). You can read more in a LillyPad blog post from last month.
More Data: Innovation Equals Jobs
More recently, Lilly released its own spending numbers with Indiana companies -- and despite a down economy and the loss of a key patent last fall, thousands of jobs in our home state continued being closely tied to Lilly in 2011. Lilly contracted with more than 1,300 Indiana vendors -- spending $1.025 billion for their work. But that's only part of the economic impact story: The Lilly Foundation gave $14.5 million to Indiana organizations, and employees contributed another $7 million (including matching grants from the Lilly Foundation).
Not surprisingly, companies in Marion County - home base to Lilly's corporate headquarters -- earned nearly $600 million of Lilly's spend. But companies in Vanderburgh County (three hours southwest of Indianapolis) made nearly $25 million. Tippecanoe County companies - an hour north of Lilly -- earned a staggering $240 million. In neighboring Hancock County: $64 million. You can see the entire list on our Indiana map at Lilly.com.
These numbers are meaningful -- certainly to the companies that partner with our industry, but also to other surrounding businesses, local governments, and state lawmakers. The thousands of people who benefit from Lilly and other companies in our sector clearly hope an environment ripe for innovation will continue. It's good for patients, and it's good for business.