California’s Life Science Industry Generates $414.2 Billion Annually
2024年5月21日 - 1:45AM
ビジネスワイヤ(英語)
Biocom California’s annual Economic Impact
Report provides data on jobs, labor income and business output for
the life science industry and discusses key trends impacting the
industry
Biocom California, the association representing the California
life science industry, today released a new report showing
California’s life science industry directly provides more than
465,000 jobs in the state and generates $414.2 billion in total
business output. Biocom California’s 2024 Economic Impact Report
outlines these and other key findings about the state’s life
science industry, including information on economic, demographic,
investment, and industry performance data. The full report analysis
and regional fact sheets are available on the Biocom California
website.
"California has always been a leader in life science innovation,
and our 2024 Economic Impact Report shows the sustained value of
the industry to the state’s economy," said Joe Panetta, president
and CEO of Biocom California. "Accelerating the success of the life
science industry requires a mission-driven mindset to nurture
growth. The scientific breakthroughs that create lasting impact on
human well-being involve significant financial risk, and the
efforts are worth it. This is evidenced by the lasting economic
impact of the industry’s work, as well as the advancements that
generate dramatic improvements in patient health."
Key facts from the report include the following:
- In aggregate, the industry supported approximately 1.24 million
jobs in 2023, including direct, indirect, and induced
employment.
- Public research funding to life science in organizations in
California remains robust, with researchers in the state receiving
a total of $6.02 billion in research funding from the National
Institutes of Health (NIH) and the National Science Foundation
(NSF) in 2023.
- In 2023, the life science industry in California experienced a
modest 0.6% contraction in employment, influenced by nationwide
workforce reductions by major biopharmaceutical companies.
- Although overall employment declined modestly, sub-sectors like
pharmaceutical manufacturing, in vitro diagnostics manufacturing
and biotechnology R&D saw job gains, especially in regions
outside of core markets.
- More than $840 million in investments in biotechnology
manufacturing and R&D infrastructure across all California life
science clusters ensures that facilities are available to meet the
industry’s growing needs.
About Biocom California
Biocom California is the leader and advocate for California’s
life science sector. We work on behalf of more than 1,800 members
to drive public policy, build an enviable network of industry
leaders, create access to capital, introduce cutting-edge STEM
education programs and create robust value-driven purchasing
programs.
Founded in 1995 in San Diego, Biocom California provides the
strongest public voice to research institutions and companies that
fuel the local and state-wide economy. Our goal is simple: to help
our members produce novel solutions that improve the human
condition. In addition to our San Diego headquarters, Biocom
California operates core offices in Los Angeles and the San
Francisco Bay Area, with satellite offices in Sacramento,
Washington, D.C. and Tokyo. Our broad membership benefits apply to
biotechnology, pharmaceutical, medical device, genomics, and
diagnostics companies of all sizes, as well as to research
universities and institutes, clinical research organizations,
investors, and service providers.
For more information on Biocom California, please visit our
website at www.biocom.org. Connect with us on LinkedIn, Facebook,
and Twitter (@BIOCOMCA).
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version on businesswire.com: https://www.businesswire.com/news/home/20240520693840/en/
Biocom California Media Contact: Carolyn Hawley Inizio
Evoke Comms (619) 849-5382 Carolyn.hawley@inizioevoke.com