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CHI and PwC US Release 2014 California Biomedical Industry Report
Date:11/21/2013

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  • In 2013, California is projected to receive 45 percent of total medical device and biotech venture capital funding in the U.S.
  • California’s academic and research institutions lead the nation in National Institutes of Health (NIH) funding, receiving 3.14 billion in 2013.
  • Combined direct company and employee biomedical industry taxes in 2012 totaled more than $9 billion paid in federal, state and local taxes.
  • Of the 2,490 biomedical companies in California, 2,252 are privately held; these are mostly small, innovative startups working to bring promising new technologies to the marketplace.
  • In the first three quarters of 2013, California companies have nearly 1,200 new drugs, therapeutics and medicines currently in development.
  • “It is encouraging to see the nearly 2,500 companies in California’s biomedical industry continue to grow robustly and advance the innovation pipeline,” said Peter Claude, partner, PwC US. “They have shown remarkable resilience in the face of challenges confronting the whole biomedical sector – from the headwinds of the overall economy, to new competitive entrants and the need to evolve and adapt to changes sweeping across all healthcare.”

    To a large degree, California’s biomedical industry is built on academic discovery science. Basic research in genomics, pharmacology, bioengineering and other areas transfers readily to established California companies or inspires new start-ups here. In 2013, California academics are expected to receive NIH grants exceeding $3 billion, far and away leading the nation.

    For more information and to view the full report visit: http://www.chi.org/2014biomedreport.

    Contacts:
    Erica Hiar
    California Healthcare Institute
    hiar(at)chi(dot)org
    202-579-7605

    Tony Herrling
    Brainerd Communi
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    Source: PRWeb
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