When Colonel Eli Lilly, founder of Eli Lilly and Company, purchased land and a house north of the capital city of Indianapolis in 1934, he likely had no idea that he was investing in what would later become the growing pharma hub of Fishers, Indiana. While Lilly’s investment in the area was initially personal, it foreshadowed the city’s evolution into a key player in pharmaceuticals.
Established in 1872 as Fishers Switch, the town remained a modest farming community for much of its early history. But the city has recently experienced rapid population growth, increasing from 9,000 residents in 1990 to over 105,000 in 2024, making it one of the fastest-growing cities in Indiana.
This surge wasn’t just about increasing numbers; it was about attracting and nurturing the right kind of growth — one centered around a highly educated, motivated population ready to contribute to an expanding economy.
And the influx of talent didn’t happen by accident. Fishers has cultivated an environment that balances quality of life with professional opportunity, making it an attractive destination for both families and businesses.
“When you examine heat maps and educational attainment, you’ll find a highly concentrated population with life sciences backgrounds here in Fishers,” explains Megan Baumgartner, director of economic and community development in Fishers.
The result is a city that not only attracts businesses but also retains them, fostering an environment where both companies and their employees can thrive. Today, Fishers is a testament to how thoughtful development, a well-educated workforce and visionary leadership can transform a once-quiet agricultural town into a thriving epicenter for biotech and pharmaceutical innovation.
Visionary governance
The transformation of Fishers into a life sciences hub is as much a story of strategic governance as it is of growth.
Mayor Scott Fadness reflects on this journey, “Our first foray into that was really in the tech sector. We spent a lot of time in the entrepreneurial movement trying to support startups and technology companies. Launch Fishers, the largest coworking space in Indiana, and Indiana the Internet of Things Lab [a 24,562-square-foot lab based in Fishers that enables entrepreneurs to work on embedded technology] were pivotal in creating a culture of innovation that naturally extended into life sciences.”
This forward-thinking approach wasn’t limited to fostering startups; it extended to creating tailored solutions for established companies looking to expand in Fishers. Each business partnership is approached with a mindset of collaboration, ensuring that companies not only feel welcomed but also supported in their long-term growth. As Baumgartner puts it, “Every deal that we have done is different and unique and fits the needs of that company.”
In 2020, amid the city’s entrepreneurial movement, Baumgartner and Fadness were introduced to Cory Lewis and the INCOG BioPharma team through an attorney. As a young CDMO seeking a location to establish roots, INCOG quickly formed a connection with the local government.
“The connection was less about their specific industry and more about our shared approach to entrepreneurship. Our common ground was our mutual commitment to rapid market entry and supporting entrepreneurs as they launch new ventures — exactly what INCOG was aiming to achieve,” says Fadness.
INCOG’s 90,000-square-foot facility in Fishers includes cleanrooms, flexible filling lines for vials, syringes and cartridges, lyophilization capabilities, and quality control labs. It is built to meet FDA and EMA standards, focusing on aseptic fill-finish services for biologics and injectable therapies.
The city has confidently positioned itself as a life sciences hub by purchasing and developing the Fishers Life Sciences & Innovation Park, a 70-acre site aimed at attracting industry leaders. Fishers offers significant tax incentives, including property tax abatements of up to 100% for 10 years and potential state-level benefits such as R&D tax credits and workforce training grants.
Since 2020, this approach has yielded impressive results — $850 million in new investment and 1,800 new jobs in the life sciences sector alone, with an average salary of $77,000. For a city of its size, this level of per capita impact is extraordinary, marking Fishers as a standout in the region.
The city’s leadership understands that fostering a strong business environment requires more than just offering incentives; it’s about building relationships and creating a community where companies can see a future.
Genezen, a CDMO focusing on viral vectors, has directly benefited from this collaborative environment. “Fishers has been really great at looking for ways to
partner with us in terms of fueling our growth. Scott [Mayor Fadness] and I have spent a lot of time together, discussing what is really important for an operations business like ours to grow in Indiana,” says Steve Favaloro, Genezen’s CEO.
Genezen’s site in Fishers spans over 75,000 square feet and includes multiple CGMP-compliant suites, dedicated areas for process development, analytical testing and quality control. The facility is equipped with advanced bioreactors, automated systems for cell processing, and scalable production capabilities to support both clinical and commercial manufacturing needs.
A robust talent pipeline
One of Fishers’ greatest strengths lies in its ability to attract and cultivate talent.
The city boasts a highly educated population, with 65% of residents holding a bachelor’s degree and nearly 25% holding a graduate degree. Indiana’s education system is a powerhouse and serves as a backbone for the life sciences and manufacturing sectors, anchored by top institutions like Purdue University, which excels in analytical chemistry and biological engineering, and Indiana University, home to the nation’s largest medical school. Ivy Tech Community College, with 40 statewide locations, further supports the industry by offering specialized certificates in pharma manufacturing.
“The advantages of being in Fishers are significant,” notes Favaloro. “You have access to a really great talent pool, including graduates from Purdue and IU. The presence of Lilly on
a national scale is tough to understate. As more companies grow here, they bring in talent, not just for short assignments, but to build lives and careers in the area.”
This concentration of skilled professionals is a major draw for companies looking to establish or expand their operations in Fishers. Within a 40-mile radius of Fishers, there are more than 55,000 people employed in life science-related roles.
Fishers consistently ranks as one of the best places to live in the U.S., offering excellent schools, safety and a balance between work and personal life. This makes it easier for companies to recruit and retain top talent, a factor that is becoming increasingly crucial in pharma.
The city offers a robust job market, drawing in a large pool of talent, making it easier for companies to recruit the specialized workers they need. This talent pool is not just limited to recent graduates; many experienced professionals from out of state and even internationally are choosing to make Fishers their home, drawn by the city’s quality of life and professional opportunities.
“Many of these jobs offer employees the flexibility to leave during the day or at lunchtime and visit one of our main districts for a meal,” says Baumgartner. “Additionally, working closer to home, rather than commuting to downtown Indianapolis, is highly appealing to many. This also provides an advantage from a job recruitment perspective.”
Filling a void
Fishers’ location is another key factor in its rise as a life sciences hub.
Situated near major logistics hubs, including the FedEx Hub and Indianapolis International Airport, the city offers unparalleled access to key transportation routes. This makes it an ideal spot for pharma manufacturing and distribution, especially for companies looking to optimize their supply chains.
Indiana is home to major pharmaceutical and biotech companies like Eli Lilly, Roche Diagnostics and Catalent Pharma — a factor that Mayor Fadness and his team were inspired to complement. “With some of the world’s largest drug companies headquartered in Indianapolis, you’re not compromising quality by choosing to reduce costs by 35% and relocating your manufacturing operations to central Indiana,” says Fadness.
Moreover, Fishers offers something that other major life sciences hubs like Boston or San Diego can’t — affordability. The cost of real estate and labor is considerably lower, providing companies with a financial edge without sacrificing quality.
“I was just in a conversation with someone yesterday who told me that there was a life sciences company in Boston that signed a 10-year lease for a two-story office building, and the liability on it was $38 million for the rent over 10 years. In central Indiana, you could build your manufacturing facility for $38 million,” says Fadness.
This cost-effectiveness is coupled with the availability of land, a resource that’s increasingly scarce in more established hubs. Fishers offers ample space for companies to establish and expand their operations, making it an attractive option for those looking to grow without the prohibitive costs associated with larger cities.
Hand-in-hand
Fishers is not resting on its laurels.
The city was recently designated as one of 31 regional tech hubs under the federal CHIPS and Science Act, opening the door to significant federal funding aimed at advancing biotechnology development.
This designation positions Fishers to compete for up to $75 million in grants, further strengthening its stake as a burgeoning hub for medical and biotech industries.
Fishers continue to see significant investments in life sciences infrastructure, such as Genezen Labs’ $7.8 million investment in a new clean manufacturing facility in 2020 and Stevanato Group’s $145 million investment in a new facility to support production of its pre-sterilized drug containment systems.
The success of Fishers as a life sciences hub is not just a story of growth but of thoughtful planning, strategic partnerships, and a commitment to creating an environment where businesses can thrive.
As more companies recognize the advantages of establishing operations in Fishers, the city is poised to become a leading player in biotech and pharma, not just in Indiana but across the country.
“Fishers is still in the early innings of becoming a major biotech hub, but it has all the right things to continue growing significantly,” says Favaloro.
