State's Life Sciences Tops in Economic Growth - NBC 7 San Diego
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State's Life Sciences Tops in Economic Growth

Venture capital continues to flow into the biomedical industry in California

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    State's Life Sciences Tops in Economic Growth

    California continues to rank at the top of life science-related economic growth, with the industry now producing $101 billion in total revenue, according to a report released last week by the California Healthcare Institute and the consulting firm PricewaterhouseCoopers.

    The 2015 California Biomedical Industry Report, which focused on funding and employment, as well as information on diseases that the state’s biopharmaceutical and medtech companies target, showed that the number of biomedical jobs in California has increased while the number in New Jersey and New York has decreased.

    Overall, venture capital continues to flow into the biomedical industry in California, with $3.76 billion in VC investments in 2014 alone, $647 million of which is in San Diego. Massachusetts, the second-ranking state for VC investments, pulled in $1.80 billion.

    “No other state or nation has what we have here in California, but they want it,” said CHI President Todd Gillenwater in a press release.

    The report estimated that 270,000 people are employed by the state’s 2,600-plus biomedical companies, with 36,731 of those jobs in San Diego County. The average salary in the California sector is $101,538.

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