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California's Biomedical Industry is Poised for Growth Despite Increasing Global Competition, According to the 2011 California Biomedical Industry Report
Date:2/1/2011

SACRAMENTO, Calif., Feb. 1, 2011 /PRNewswire/ -- Eighty percent of biomedical company CEOs in California report that their companies have been courted by other countries, state governments or regional economic development associations in the past year, according to survey findings included in the 2011 California Biomedical Industry Report, published today by the California Healthcare Institute, BayBio and PwC. Yet the survey found surprising consensus of confidence in the state's ongoing attractiveness to the biomedical industry, with many CEOs planning to increase jobs, manufacturing, research and development operations within California versus elsewhere.

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Still, the danger for the U.S. and California is that other parts of the world are quickly catching up, warns the report. The survey of CEOs found that the unique ecosystem that has helped to build California's leadership in biomedical technology innovation may be fragile and short-lived unless both government and industry adapt to new challenges.  

  • Sixty-seven percent of CEO respondents said that within five years, another country could conceivably recreate the ecosystem that has made the U.S. the leading biomedical region in the world.
  • Sixty percent believe that another state could recreate the ecosystem that has made California the leading biomedical region in the U.S.

The 105-page report provides insight into California's rise to global leadership in the biomedical industry and the impact of the industry's presence on the state.  California is home to the biggest concentration of biomedical companies, researchers, entrepreneurs, suppliers, venture capitalists and workers in the world.  Despite increased competition
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SOURCE PwC
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