California Healthcare Institute and PwC Report Boom in California’s Biomedical Industry
Palo Alto, Calif. (PRWEB) November 20, 2014 -- The California Healthcare Institute (CHI), a nonprofit, public policy research organization representing leading California academic institutions, biotechnology, medical device, diagnostics and pharmaceutical firms, and PwC US today released a report revealing that California trumps other states in life sciences industry growth. The trend shows a 4 percent increase between 2009 and 2013. The 2015 California Biomedical Industry Report indicates that, while biopharmaceutical and medical device employment in top-ranked biotech states such as New Jersey, New York and Pennsylvania has decreased in recent years, employment in California is growing. In fact, California employment in the life sciences has surpassed that of other major state industries, such as aerospace, electronic equipment manufacturing, telecommunications and data processing.
“California leads the nation in the biomedical industry, supporting highly skilled and well-paying jobs in communities across the state,” said California Governor Jerry Brown. “I look forward to continuing to work with leaders from companies and research institutions throughout the state to find solutions that advance new medical technologies, strengthen our economy and contribute to a healthier society.”
“The life sciences sector continues to drive our state’s 21st century economy,” said Todd E. Gillenwater, President and CEO of CHI. “270,000 Californians are employed by over 2,600 companies, with average wages topping $100,000. It is no coincidence that California is also home to 11 of the world’s top universities and that we garner more federal biomedical research dollars than any other state in the nation. No other state or nation has what we have here in California, but they want it. We must work actively to ensure that California maintains an environment that fosters biomedical research, investment and job creation.”
Key Findings
The report is published annually to provide factual insight into the state of California’s biomedical industry and to identify key trends. Noteworthy findings this year:
• California life sciences companies generated $101 billion in revenue in 2013.
• California scientists received $3.3 billion in NIH research grants in federal fiscal year 2014.
• The industry paid workers $27.4 billion in salaries and wages during 2013.
• California has 2,636 life sciences companies in 2014.
• $3.8 billion in life sciences venture capital is projected to be invested in California companies in 2014.
• California companies have 1,205 new medicines in the development pipeline.
“This latest report once again emphasizes the importance of California’s more than 2,600 life sciences companies in driving innovation and development in this critical healthcare space,” said Peter Claude, Partner, PwC. “The research shows that California companies and innovators continue to be sought after by those looking to support and fund advances in healthcare, which benefits patients and populations everywhere."
World-Class Academics
Education is credited as the foundation for California’s thriving biomedical industry, promising the opportunity to advance the industry through a highly educated workforce. Of the top 100 schools in the world, 11 are located in California. The National Institutes of Health (NIH) awarded more than $3 billion in funding to California institutions in 2013. Academics anticipate that grants awarded in 2014 will be increased to nearly $3.3 billion.
Click here for more information and to view the full report.
About CHI-California Healthcare Institute
CHI represents more than 275 leading biotechnology, medical device, diagnostics and pharmaceutical companies, and public and private academic biomedical research organizations. CHI’s mission is to advance biomedical research, investment, and innovation through effective advocacy of policies to improve public health and ensure the continued vitality of the life sciences sector. CHI’s website is http://www.chi.org. Follow us on Twitter @calhealthcare, Facebook, LinkedIn and YouTube.
About PwC’s Pharmaceutical and Life Sciences Industry Group
PwC’s Pharmaceutical and Life Sciences Industry group is dedicated to delivering effective solutions to the complex strategic, operational, and financial challenges facing pharmaceutical, biotechnology, and medical device companies. We provide industry-focused assurance, tax, and advisory services to build public trust and enhance value for our clients and their stakeholders. For more information visit: http://www.pwc.com/us/pharma and http://www.pwc.com/us/medtech.
Contact:
Will Zasadny
California Healthcare Institute
Zasadny(at)chi(dot)org
(619) 961-8848
Tony Herrling
Brainerd Communicators, Inc.
herrling(at)braincomm(dot)com
(212) 986-6667
Will Zasadny, Manager of Communications, CHI-California Healthcare Institute, http://www.chi.org, +1 619-961-8848, [email protected]
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