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TechPoint Aims to Create Jobs by Growing IT-Related Health and
Life Science Businesses through New ALHIT Initiative
Advancing Life Science & Health Care Information Technology (ALHIT) initiative will
capitalize upon Indiana’s IT leadership and complement statewide life sciences efforts
With the support of law firm Ice Miller LLP and 30 leading information technology, health care and life sciences experts, TechPoint is launching a new statewide initiative aimed at creating and growing more information technology companies that will provide innovative solutions for Indiana’s $69 billion health and life sciences sector.
ALHIT (Advancing Life Science & Health Care Information Technology) will identify opportunities for increased use of information technology in the health and life sciences sector. The initiative will also identify research in academia and in the marketplace that can be commercialized or “spun out” with venture capital and other funding sources.
ALHIT plans to leverage Indiana’s nationally recognized strength in health care and life sciences as well as opportunities created under the American Recovery and Reinvestment Act of 2009 (ARRA) to advance the creation of new information technology companies. Currently, there are about 70 IT-related health and life science businesses in Indiana.
Jim Jay, president and CEO of TechPoint, said ALHIT is a logical tech sector effort that will further enhance Indiana’s life sciences strengths and complement statewide medical-based organizations and initiatives.
“Grants and incentives made available through the American Recovery and Reinvestment Act are tied to benchmarks that must be met by 2014,” Jay said. “This means that the next five years are going to be critical in the expansion of current technologies and the development of new technologies that improve all aspects of health care and innovation in the life sciences.”
“For many years, health and life science information technology companies have grown organically due to the needs of Lilly, Cook, Roche and others,” said Tom Walsh, partner at Ice Miller LLP and chair of the law firm’s Indianapolis intellectual property group. “With so much national attention focused on electronic health information, Indiana’s economy will benefit greatly from a catalyst group identifying opportunities and connecting innovators and funding sources.”
Alvin Givens, vice president of Chase and the Chase Emerging Markets Division, will serve as the inaugural chairman of ALHIT. Givens has been involved with the development of ALHIT since he and several industry leaders first discussed forming the initiative in 2007.
According to a 2008 Battelle study, Indiana has gained bioscience jobs at twice the national average, and the 2008 TechAmerica Cyberstates report showed Indiana as the fastest-growing state for technology-related jobs.
“Maaguzi and Indigo BioSystems are examples of clinical informatics and research technology companies spun out of Lilly in the past five years that are helping to make pharmaceuticals safer and getting them to market faster,” said Raul Zavaleta, Partner, Volatus Advisors, LLC. “With the organizational and infrastructure support from TechPoint and Ice Miller, ALHIT is an industry-lead initiative that has the potential for significant positive impact on Indiana’s tech, pharma and broader health and life sciences industries.”
“The correlation between health and life science companies and IT companies is similar to the symbiosis of Indiana manufacturing and logistics companies,” Jay continued. “Both manufacturing and logistics are viable industries in their own rights, but each is enhanced by the success of the other. The same positive impact will be seen in the health and life science and IT sectors with the right support and resources.”
ALHIT initiative participants include:
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