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

span> in venture capital funding in 2009, down from $3.5 billion in 2008 but still more than any other high-tech sector in the state. Despite the slowdown in funding, California's life sciences companies continued to expand.

Respondents to the CHI-PwC Survey anticipate that the next two years will find them in a holding pattern at best, navigating risks and events that have not been part of the biomedical industry experience.

  • More than three-quarters of executives surveyed (78 percent) expect expanded M&A activity along with accelerated consolidation of the industry.
  • More than half (52 percent) expect to see an increase in bankruptcies, which were virtually unheard of in the industry before 2008. Only 4 percent expect a reduction in bankruptcies.
  • On the positive side, nearly half (48 percent) predict increased revenues and 44 percent expect revenues to remain steady.
  • Nearly one-quarter of respondents foresees an expansion in R&D investment and in access to capital, and 40 percent believe there will be an increase in biomedical IPOs over the next two years.

Barriers to Growth

Survey respondents rated how key issues will impact future growth:

  • Asked about the impact of issues on the industry's ability to keep

SOURCE PricewaterhouseCoopers LLP
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