NEW ALBANY — There’s work to be done, it’s just a matter of finding capital and the ready work force to do it.

Those themes seemed to replicate again and again Monday as leaders representing some of Southern Indiana’s major pharmaceutical, health care and technology interest met with 9th District Congressman Todd Young, R-Ind., for a panel discussion.

Leaders from Eli Lilly and Co., IKOTECH and WindStream Technologies were among those present at the discussion, which took place at Purdue Technology Center of Southeast Indiana in New Albany.



CAPITAL CONCERNS

“When I visit with people, what is most on their minds is jobs,” Young told panel members.

Following the recession of the last few years, however, Young admitted that there’s still hesitation among potential investors about interest rates, taxes and inflation, ultimately resulting in a lack of private sector dollars available to fund business ventures.

“We’re trying to create new jobs at IKOTECH,” said company president David Kennedy. “But right now, we’re hamstrung by the ability to reach capital,” he said, corroborating the investors concerns Young referenced.

Kennedy said there are researchers interested in utilizing the technology that his company produces — high-speed magnetic cell-sorting systems — to develop treatments for diabetes, cancer and other ailments, but they can’t meet that demand without cash.

“This is a tool that’s really needed in the market but the ability to raise capital to help accelerate us to the market is really holding us back.”

He urged Young to consider a federal venture capital tax credit — something available on the state level — that puts a 20 percent tax credit against an investment.

“So rather than taking money out of the state coffers dollar for dollar into businesses, [state officials] actually leverage the money that’s sitting on the sidelines. So a dollar of tax credit is $5 into the economy,” he said.



CHANGING WORK FORCE

The panel was being led by Hoosiers Work For Health, an offshoot of a Washington D.C.-based organization — We Work For Health — that represents the biopharmaceutical sector nationwide. That in mind, concerns about work force readiness were another issue being discussed.

Numbers presented Monday attribute 87,675 Indiana jobs to the biopharmaceutical sector.

Kristin Jones, president and chief executive officer of the Indiana Health Industry Forum, said that highlights the need for work force development.

“These are high-paying jobs, these are high-skilled jobs, these are jobs that people are going to have to be trained for,” she said.

Dan Bates, WindStream president and chief executive officer, commented that Southern Indiana offered a work force ready for new innovation, such as the small wind turbines his company produces.

“I think Southern Indiana’s a great place for that. I’ve hired a bunch of guys from the local area. We’re now hiring guys from the Purdue University system [in the same building.] So it’s been a great means of getting new talent into our company and a great environment to grow.”

Young made a comparison between now and a century ago — when the Midwestern economy shifted from being farm-based to factory-based.

“Our citizens must adapt. I think people understand that,” said Young. “They have to go back to school, constantly sharpen the saw, make sure they’re ready to fill the job vacancies of today and tomorrow.”

Preparing for a job environment different from the ones past generations enjoyed will be key, he added.

“No longer can a person go work at the local factory and depend upon working there, making the same sorts of products for their entire career.”