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

fteroff, national life sciences partner for PricewaterhouseCoopers. "We can see the importance of contributions from the biomedical sector in patterns of new public and private investments such as VC funding, financing for capital expansion and M&A, and a revived market for public offerings as well as tax credits and incentives to fuel R&D.  California has long been at the forefront of the life sciences revolution because of its unique ecosystem of biomedical assets and has a vested interest in continuing to do so.  At stake is the state's legacy of scientific innovation that benefits patients around the world."

Jobs Holding Steady

After years of rapid expansion, California's biomedical workforce experienced modest growth in 2008, adding nearly 3,000 jobs and increasing 1 percent from nearly 271,000 jobs in 2007. The state's biomedical sectors include medical devices, instruments and diagnostics (111,942 employees), biopharmaceuticals (81,268 employees), academic research (43,038 employees), wholesale trade (31,920 employees) and laboratory services (5,390 employees), according to the report.

As the recession intensified, all of the state's high-tech sectors downsized.  The California biomedical industry shed 2,572 jobs or less than 1 percent of its workforce between March 2008 and March 2009, ending the period with 272,181 jobs. During this time of economic upheaval,
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SOURCE PricewaterhouseCoopers LLP
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