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California Biomedical Companies Report Higher Product Approvals, Fewer Delays
Date:1/8/2013

San Francisco, Calif. (PRWEB) January 07, 2013

Life sciences companies in California developed nine of the 39 novel medicines approved by the U.S. Food and Drug Administration (FDA) in 2012, according to the annual California Biomedical Industry Report, published today by BayBio, California Healthcare Institute (CHI) and PwC US. The pace of product approvals and pipeline productivity of California-based biomedical companies reinforces the state’s position as the nation’s leading source of biomedical innovation.

“California continues to deliver life-saving treatments and new technologies that offer hope for patients in need,” said David L. Gollaher, Ph.D., president and CEO of CHI. “Last year alone, we saw the approval of novel medicines to treat rare forms of cancer, anemia associated with chronic kidney disease and cystic fibrosis, among others.”

The California Biomedical Industry Report provides an annual snapshot of the biomedical industry in California, the largest biomedical cluster in the world and source of the greatest number of products in clinical development. The 2013 report found California to be:

  •     No. 1 in jobs: Biomedical industry employment in California has grown at an average annual rate of 0.5 percent over the past five years. There are currently 269,997 people employed in the total biomedical industry, and 152,806 employees in the core sectors of biopharmaceuticals, medical devices, instruments and diagnostics, and research and development/testing laboratories.
  •     No. 1 in new treatments to patients: Twenty-one percent of the nation’s biomedical R&D pipeline is comprised of innovation from California laboratories.
  •     No. 1 in venture capital investments: California biomedical companies secured $1.98 billion in venture capital investment through the first three quarters
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