Life Science Industry in California Generates $376 Billion Annually
SOUTH SAN FRANCISCO, Calif. & LOS ANGELES & SAN DIEGO--(BUSINESS WIRE)--Biocom California, the association representing the California life science industry, today released a new report showing California’s life science industry provides more than 400,000 jobs in the state and generates $376 billion in total economic output. Biocom California's 2022 Economic Impact Report Databook 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 continues to be the leading innovation hub for the life science industry and the 2022 Economic Impact Report provides key data on the impact it has on the state and regional economies,” said Joe Panetta, president and CEO of Biocom California. “Over the last few years, and especially during the COVID-19 pandemic, the life science industry experienced an influx of investment interest and NIH funding for the sector. It’s clear the work the industry does every day has a significant impact on California, providing high-paying jobs directly and indirectly across the state.”
Key facts from the report include the following:
- The industry directly supported approximately 435,693 jobs in 2021, and indirectly supported an additional 736,846 workers
- California received a total of $5.1 billion in research funding from the National Institute of Health (NIH) in 2021
- In 2021, venture capital directed to California’s life science innovators totaled $16.6 billion
- Nearly 1,500 patents were granted in 2021
About Biocom California
Biocom California is the leader and advocate for California’s life science sector. We work on behalf of more than 1,700 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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