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Biomedical Industry Jobs Critical to California's Economic Recovery, Finds California Healthcare Institute and PricewaterhouseCoopers
Date:2/2/2010

ass="xn-location">California is home to the largest concentration of biomedical companies in the world.  California's biomedical industry directly employs 274,000 people, representing one in six of the 1.6 million biomedical jobs in the United States, according to PwC's analysis of Bureau of Labor statistics and company-specific filings with the Securities and Exchange Commission.  The industry supports more than 750,000 direct and indirect jobs statewide and is the second largest sector of California's high-tech workforce.

In addition, California's biomedical industry attracts the greatest portion of venture capital (VC) funding of any industry in California and of any other state, receiving 42 percent of all venture capital investments in biotech and medical device companies nationally.  As a result, there are currently 869 biopharmaceutical products in development in the state, from pre-clinical and clinical development through registration.  Nearly one-third of the pipeline (272 products) focuses on treating cancer, according to 2009 research from IMS Health.

"We are living in a period of extraordinary scientific and technological advancement that will not only change the future of medicine but also have economic, political and financial implications for the way healthcare is delivered over the next decade," said Tracy T. Le
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SOURCE PricewaterhouseCoopers LLP
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