Study Finds Job Growth in Biomedical Sector Stalls Across Calif.
Job growth at California's biomedical companies has stalled, and employment rates have dropped back to 2006-2007 levels, according to a report by the California Healthcare Institute, PricewaterhouseCoopers and life science association BayBio, the Sacramento Bee reports (Smith, Sacramento Bee, 2/13).
The report was compiled in November 2011 using data from about 100 California companies that conduct business in the areas of biotechnology, diagnostics, medical devices, medical equipment and pharmaceuticals (CHI release, 2/8).
The report found that:
- The industry lost 6,300 jobs -- or 2.3% of its workforceÂ -- between 2008 and 2011 (Sacramento Bee, 2/13);
- Employment in biomedical academic research was the hardest-hit area, with a loss of 3,121 jobs between March 2008 and March 2011; and
- San Francisco continues to have California's highest number of biomedical industry workers (CHI release, 2/8).
The report noted that wary investors are waiting for a stronger economy and for more consistent biomedical regulations before supporting business in the field (Sacramento Bee, 2/13).
Gail Maderis, president and CEO of BayBio, said the industry is "at a crossroads."
She said, "We'll need to continue to work together -- industry and policymakers -- to address the challenges to innovation and productivity the industry now faces" (CHI release, 2/8).This is part of the California Healthline Daily Edition, a summary of health policy coverage from major news organizations. Sign up for an email subscription.