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VOICES FROM THE INDUSTRY: A positive shift in health care: It’s OK to say you’re sorry

Last September, when tragic errors led to the deaths of three infants at Indianapolis’ Methodist Hospital, the hospital did something that, just a few years ago, might have seemed unthinkable: It acknowledged the tragedy and admitted that mistakes were made. “We are all saddened by this news and our hearts are with this family and all the families who have been affected,” a hospital spokesman told The Indianapolis Star. Added Methodist President and CEO Sam Odle, “Ultimately, the blame for…

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Corporate shopping spree: Massive Guidant deal helps make 2006 a record-setting year for local M&A activity

Last year was a record-shattering period for the Indianapolis-area merger and acquisition market, thanks in large part to the loss of one public corporation. Guidant Corp.’s acquisition by Boston Scientific Corp. for $28.4 billion last year and the related sale of its vascular business to Abbott Laboratories for $4.1 billion made the 2006 Big Deals list bigger than ever. That’s because the two deals made up about 85 percent of the $38.5 billion of M&A activity tracked down by the…

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Neighbors examine the BioCrossroads’ approach: Collaboration, not competition, now key for Midwestern life science industry

Five years ago, when the BioCrossroads initiative debuted, pundits compared its challenge to a foot race on a track crowded with competitors. And they noted a handful of traditional biotech hub cities like San Diego or Boston enjoyed a huge head start. Today, a better analogy might be a rising tide that lifts all boats. “The pie is getting bigger. It’s not a zero-sum game,” said Walt Plosila, vice president and leader of the technology partnership practice for Columbus, Ohio-based…

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Executive lunches feed search for new biotech ideas: Local group of CEOs from venture-funded life sciences firms gather monthly to share experiences, advice

Each month, leaders of some of the city’s most promising life sciences companies gather to share lunch, but they are more interested in getting an extra dollop of advice that might contain the ingredients for a thriving company. These 14 chief executives sharing their experiences with one another represent the city’s roster of life sciences firms that have received outside financing from venture capitalists. That means the fledgling enterprises are high-risk investments with the potential for above-average returns. And with…

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Labor sector diversification could spur local economy: $200,000 study targets finance, retail and construction

Sexier industry sectors like life sciences or motorsports get all the press. But to remain robust, the Indianapolis Private Industry Council believes, the area economy needs diversification. The 23-year-old work-force-training not-for-profit believes the nine-county area also should target three tried-and-true industries: finance and insurance; retail, hospitality and restaurants; and construction. IPIC, whose $9 million annual budget comes from public and private grants, plans to spend $200,000 during the first quarter studying the three sectors, which collectively employ 270,000 people in…

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CICP’s chief launches raft of initiatives:

In January, Mark Miles returned to Indianapolis after more than a decade at the helm of the Association of Tennis Professionals to become CEO of the Central Indiana Corporate Partnership. Twelve months later, the CICP looks much different than it did under his predecessor David Goodrich. And it could soon change even more. A former Eli Lilly and Co. executive and aide to Dan Quayle, Miles, 53, has been one of the key players in the potential consolidation of the…

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BioCrossroads aims to aid life sciences service sector: Group hopes to identify or raise at least $25 million

BioCrossroads, the life sciences initiative responsible for raising the $73 million Indiana Future Fund and the $6 million Indiana Seed Fund, is in early discussions on a new capital-formation effort. The focus this time around: biotech services businesses. “This is very much a work in progress,” said BioCrossroads CEO David Johnson. “But we believe and acknowledge this is an area that needs our attention and our active involvement.” Next year, Johnson hopes to focus at least $25 million to $30…

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Techpoint’s new leader sees room to grow: Indiana making progress, but could do better, he says

Techpoint, a locally based technology trade group that represents the interests of about 330 members statewide, is undergoing a transition in leadership. Jim Jay, 37, has been named interim CEO following the resignation of Cameron Carter, who has led the organization since 2003. Directors should begin a formal search for a permanent replacement the first of the year. Whether Jay lands the top job remains to be seen. But in the meantime, the Butler University graduate with an entrepreneurial spirit…

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Ex-Lilly execs take on diabetes with Carmel startup

Four former top scientists at Eli Lilly and Co. have formed a Carmel-based company to develop diabetes therapies–a venture observers say has the potential to become the kind of blockbuster success BioCrossroads was built to stimulate.

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ECONOMIC ANALYSIS: Strong economy draws out plethora of spending plans

If you ever want to satisfy your curiosity about recessions and business cycles, travel over to the Web site of the National Bureau of Economic Research. It has recorded and documented every downturn and uptick in the U.S. economy since 1857. And over that century and a half, the bureau has noticed certain regularities to the boom and bust of the economy around us. In the first stages of recovery from a recession, for example, it is quite common for…

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IEDC shelves proposal to copy Ohio initiative: Program matches promising startups with capital

An Ohio program launched in 2003 to urge development of extremely earlystage companies has already spurred investments worth $239 million in 68 Buckeye startups. Venture capitalists would like to duplicate the program here. But their proposal has been languishing at the Indiana Economic Development Corp. for a month. “We have the application. We haven’t done anything with it,” said IEDC Director of Small Business and Entrepreneurship Bruce Kidd. “This is a classic steeple chase. You’ve got lots of hurdles to…

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IU professor gains human insight from android studies: Robots might someday train students

Androids are creatures of science fiction to most people, but to Karl MacDorman, robots made to resemble humans are more like colleagues. MacDorman, 40, is an associate professor at the Indiana University School of Informatics in Indianapolis who uses the mechanical subjects in his studies of human-computer interaction. “The android is a very interesting device in studying human communication,” he said. “If you use a robot, people expect it to act like a robot. But if you use a robot…

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IU to seek $80M from state for massive life sciences push

Indiana University leaders believe their researchers can spawn 100 new companies, pump $2.4 billion into the state's economy, help create 14,000 jobs, and generate a $2.25 return for every dollar spends if the General Assembly will invest in their bold life sciences strategy.

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WellPoint putting members’ medical records online: Access to electronic medical information could reduce health care errrors and avoid unneccesary procedures

A benefits package WellPoint Inc. unveiled in July includes an ambitious effort that enables its 34 million members to access their medical records online. WellPoint’s initiative to make the records available electronically is but one example of a national movement, backed by President Bush, to make all medical records available online within the next 10 years. Advocates say online systems can reduce medical errors and avoid unnecessary procedures by making patients’ medical needs and histories available to doctors instantaneously. Indianapolis-based…

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Moving lessons from classrooms to boardrooms: MBA students get firsthand experience with startups

No matter how many bold and italicized words scholars cram into textbooks, nothing compares to students rolling up their sleeves and testing a theory themselves. For years, Indiana University’s Kelley School of Business has offered its Bloomington MBA candidates real-world experience through so-called “academies” focused on specific industries. Now Kelley Indianapolis’ evening MBA program is set to launch a scaled-back version for its students. This fall, it will offer three such “enterprise” programs, including one with an entrepreneurial emphasis. The…

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VIEWPOINT: Indiana ripe for new breed of auto industry

Landing the Honda plant is a great coup for Indiana. Gov. Mitch Daniels deserves congratulations. Not only will Honda employ an estimated 2,000 Hoosiers, it appears the governor secured the facility at a bargain price for Indiana’s taxpayers. While the plant brings much-needed employment, future wealth created from Honda’s production accrues to its primarily Japanese shareholders. This is only fair, as Japanese automakers have innovated, invested and expanded over the past 30 years. They have earned their success and deserve…

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