Report: California’s Life Sciences Industry Grew by 4% in Four Years
California is one of the leading states in the country for life sciences, according to MedCity News (Keshavan, MedCity News, 11/20). For example, California added more than 5,000 employees to the biopharmaceutical and medical device sector between 2009 and 2013. Meanwhile, the state with the next-highest level of employment in that sector -- New Jersey -- lost 8,371 employees during the same period (California Healthcare Institute/PwC report, November 2014).
The report also found that life sciences companies in California:
- Accumulated $101 billion in revenue in 2013;
- Have 1,205 drugs in development; and
- Received $3.3 billion in NIH grants for fiscal year 2014.
Further, $3.8 billion in venture capital is expected to be invested in such companies in California 2014.
CHI CEO Todd Gillenwater said there are several ways to maintain growth within California's life sciences industry. Specifically, he said that:
- Federal policies should be enacted to boost NIH funding;
- Higher education should receive more funding for life sciences development; and
- Taxes and regulations should be implemented to foster life science businesses (MedCity News, 11/20).