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Industry At-A-Glance
Industry Highlights:
- Number of California biomedical companies: 2,000
- Total estimated revenues: $75.9 billion
- Total estimated employment: 274,000
- Total estimated wages and salaries paid: $20.5 billion
- Average wage: Nearly $75,000
- Total NIH grants awarded: $3.15 billion in 2008
- Total estimated venture capital investment in California biomedical companies: $2.6 billion
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The California biomedical industry has grown organically from ideas first germinated in the state’s universities and has flourished through entrepreneurial commitment and investor financing to create a strong industry that has led to breakthrough technologies and therapies that have helped improve public health, human medicine and the quality of life for patients around the world.
The California biomedical industry has produced vibrant biomedical cluster that are home to world-class universities and life sciences firms. The San Francisco Bay Area is the oldest and largest biomedical cluster in California and is recognized as a leading center for biotechnology. In the Southern California area, San Diego is known for biopharmaceutical and diagnostics enterprises. Orange County has been called the epicenter for medical device inventions. And Los Angeles is growing its reputation as an oncology research center.
The biomedical industry has become increasingly vital to the state’s economy. In 2008, California’s biomedical companies had estimated revenues of $75.9 billion, and nearly 870 products in the product pipeline. The industry employs 274,000 Californians, and the number climbs to more than 750,000 with the multiplier effect of people employed in other industry sectors including academic research, biopharmaceuticals, diagnostics, medical devices, laboratory services and wholesale trade.
Although the numbers are promising, the current global financial crisis will have profound effects on the biomedical industry for years to come. The biomedical industry has stood out as a bright prospect for stability and growth and one that can play a key role in state and national economic recovery efforts. However, to preserve innovation and to protect patient access to important therapies, the industry needs increased support from policymakers.
On this site you will find interactive and comprehensive tools to keep you up-to-date and educated on the issues that affect our industry.
2010 California Biomedical Industry Report