SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Nov. 12, 2015 (GLOBE NEWSWIRE) -- California Life Sciences Association (CLSA), the leading voice to drive innovation for California's life sciences sector, and PwC US today released the 2016 California Life Sciences Industry Report. The annual report indicates that California's life sciences sector has a profound impact on the state's economy, showing industry increases in the areas of sector employment growth, wages, research funding and life sciences venture investment.
The new report suggests that while biopharmaceutical and medical device employment in numerous top-ranked biotech states, including New York and Massachusetts, has decreased in recent years, sector employment in California grew by six percent between 2010 and 2014. Overall, California's life sciences sector directly employed 281,000 people in 2014 and indirectly employed another 581,000 – totaling nearly one million people employed due to life sciences innovation by Californians.
"California's life sciences ecosystem is driving the economy and delivering life-changing medicines and technologies that benefit health and well-being far beyond our state's borders," said Sara Radcliffe, President and CEO, California Life Sciences Association (CLSA). "The birthplace of biotechnology and a leader in exciting new fields such as digital health, genomics and precision medicine, it's no coincidence that California is excelling in life sciences job creation, research funding, venture capital investment and so many other measures. California's 2,848 life sciences companies up and down the state employ over 281,000 people hard at work to bring forth the miracles of tomorrow. The sector is a state treasure, and we look forward to working with officials at all levels – locally, in Sacramento and in Congress – to ensure we protect and promote the sector and the promise and hope it offers to millions around the world."
Key Findings
The California Life Sciences Industry Report is published annually to provide factual insight into the state of California's life sciences industry and to identify key trends. Noteworthy findings this year include:
- California life sciences companies have 1,235 new drugs in the development pipeline.
- California's 2,848 life sciences companies generated $130 billion in revenue in 2014.
- California life sciences companies directly employ 281,000 people and indirectly employ another 581,000—marking nearly one million people employed due to life sciences innovation by Californians.
- The industry paid workers $30.6 billion in salaries and wages during 2014 with the average annual salary at $108,893.
- California scientists received $3.26 billion in National Institutes of Health (NIH) research grants in federal fiscal year 2015—the most of any state in the nation.
- $4.79 billion in life sciences venture capital is projected to be invested in California companies in 2015 - more than double that of the second ranked state (Massachusetts).
Radcliffe continued, "For the life sciences sector to continue to grow and thrive here in California, we need to make it easier for our entrepreneurs to move new ideas forward. This includes encouraging sound government policies, particularly tax, intellectual property, regulatory and coverage and payment policies that recognize and reward the value of life sciences innovation. CLSA continues to lead to bolster science research funding and support, protect patent rights, improve review processes at the U.S. Food and Drug Administration, repeal the medical device tax and promote policies to ensure patients have timely and affordable access to new, life-saving medical technologies and therapies."
"Our latest report paints a vivid picture of California's 2,848 life sciences companies thriving through collaboration, innovation, investment and access to resources in academia and the workforce," said Peter Claude, Partner, Pharmaceutical & Life Sciences Advisory, PwC. "Our collective research has shown that California's life sciences innovation ecosystem is alive and well; that companies and innovators here are leading in nearly every measureable facet of growth and creating a new era in healthcare marked by the convergence of technologies, information sharing, and focused investment."
Click here for more information and to view the full report.
Click here to download report PDF.
About California Life Sciences Association (CLSA)
California Life Sciences Association (CLSA) is the leading voice for California's life sciences sector. We work closely with industry, government, academia and other stakeholders to shape public policy, drive business solutions and grow California's life sciences innovation ecosystem. CLSA serves over 750 biotechnology, pharmaceutical, medical device, and diagnostics companies, research universities and institutes, investors and service providers. CLSA was founded in 2015 when the Bay Area Bioscience Association (BayBio) and the California Healthcare Institute (CHI) merged to create the state's most influential life sciences advocacy and business leadership organization. Visit CLSA at www.califesciences.org, and follow us on Twitter @CALifeSciences, Facebook, Instagram, LinkedIn and YouTube.
About The PwC Network
PwC US helps organizations and individuals create the value they're looking for. We're a member of the PwC network of firms, which has firms in 157 countries with more than 208,000 people. We're committed to delivering quality in assurance, tax and advisory services. Find out more and tell us what matters to you by visiting us at www.pwc.com/US. PwC refers to the US member firm, and may sometimes refer to the PwC network. Each member firm is a separate legal entity. Please see www.pwc.com/structure for further details. © 2015 PricewaterhouseCoopers LLP, a Delaware limited liability partnership. All rights reserved.