IU Health and the IU School of Medicine work together to train physicians, pursue breakthrough research and treatments, and deliver the highest quality patient care. Each year, more than 1,000 residents and fellows receive training in IU Health hospitals. This fall, the School of Medicine completed a multi-year initiative to increase its annual class size by 30 percent in order to meet a looming physician shortfall in Indiana due to the impending retirement of baby-boomer generation doctors and an increased demand for medical services by Indiana’s aging population. In conjunction with this expansion initiative, programs at each of our eight centers for medical education around the state expanded from two-year to four-year programs, offering clinical experiences the final two years within the region they serve.
In 2015, IU, IU Health and IU Health Bloomington Hospital announced an agreement to create a regional academic health campus on the northeastern edge of the IU Bloomington campus. This new campus, which will include the largest collection of academic health programs anywhere in the state outside of Indianapolis, will help address the state’s growing shortage of medical and health science professionals by allowing us to produce more graduates in these much in-demand professions. It will also attract investment and enhance economic development for Bloomington and south-central Indiana. In fact, we are already working with biotech and health sciences companies who are interested in co-locating facilities with the hospital.
Later in 2015 we broke ground on the new Multi-Institutional Academic Health Science Education and Research Center in downtown Evansville. The new center, which will encompass approximately 149,000 gross square feet and expand the IU School of Medicine’s center in the city, will help ensure that southwest Indiana has sufficient physicians and additional health care professionals to meet the health needs in Evansville and across southwestern Indiana.
Building a prosperous and innovative Indiana
IU’s Innovate Indiana initiative continues to channel the university’s resources to advance economic development and technology commercialization in the state. This effort encompasses a range of major activities, including:
- transforming faculty innovations into new products, services and treatments;
- investing in new start-ups and companies; and
- connecting IU to the business community in Indiana, the nation and the world.
By forging a strong connection between IU’s extensive intellectual resources and outside capital providers and companies who want to license those discoveries, the IU Research and Technology Corporation is ensuring IU’s most innovative work can be harnessed for the benefit of Hoosiers. These relationships create new jobs and opportunities for Indiana, and they also provide critical revenue for teaching and research during a time of economic uncertainty.
As I also reported in a previous update, in the most recent fiscal year, IURTC enjoyed tremendous success in commercializing IU faculty-generated successes, resulting in a record of more than $7 million in licensing revenue, 150 invention disclosures, 165 global patents that were issued 43 licenses and four new start-up companies.
Since its founding almost two decades ago, IU research has generated more than 2,700 inventions resulting in more than 4,100 global patent applications being filed by IURTC. These discoveries have generated more than $135 million in licensing and royalty income, including more than $112 million in funding for IU departments, labs and inventors.
Through its $10 million Innovate Indiana Fund, the IURTC has provided early-stage capital to companies with a meaningful IU connection and assisted them with technology assessment, market analysis and planning, management recruitment, product development and other services. The Innovate Indiana Fund has invested more than $3 million in Indiana start-ups, enabling these companies to create over 50 jobs and secure over $20 million of additional venture funding.
Enriching our state through exceptional education and research
Central to so many of the successes I have just described is IU’s unwavering commitment to excellence in education and research.
Our world-class faculty enrich the lives of their students every day through exceptional teaching in our classrooms, laboratories, concert halls, theater stages, design studios and more.
And in the area of research, their efforts have been truly spectacular. Last academic year IU faculty received a record $614 million in external funding to support their research and other activities, the highest total of external grant funding obtained by any public research university in the state during the last academic year.
IU has achieved record success in this highly competitive arena because the National Institutes of Health, the National Science Foundation and other funding agencies, foundations and endowments continue to recognize both the quality of the research conducted at IU and the impact our faculty are making in improving our state, nation and world, and transforming people’s lives.