With hubs like the Bay Area and San Diego abuzz with fresh activity, Golden State leads the country in life sciences everything, according to a new report.
The California Healthcare Institute, in collaboration with PriceWaterhouseCoopers, just released its 2015 California Biomedical Industry Report – and things are pretty rosy out west.
Some of the top-line takeaways: California’s shown 4 percent industry growth between 2009 and 2013. California life sciences companies generated $101 billion in revenue in 2013, and received $3.3 billion in NIH research grants in federal fiscal year 2014.
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California companies have 1,205 new drugs in the development pipeline, and $3.8 billion in venture capital is expected to be invested in California companies in 2014.
You can view the full report here.
That said, the CHI is an public policy think tank – and its CEO, Todd Gillenwater, pointed out a number of policy musts to keep the momentum up.
“Federal policies must continue to bolster NIH funding… and must continue to support predictable and efficient FDA regulatory processes so safe products can get to patients as quickly as possible,” Gillenwater said during a conference call. He added that establishing appropriate coverage, payment and access policies is still in order, and robust IP and patent protections are of utmost important both in the U.S. and in trade talks overseas.
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In California, Gillenwater is pressing for better academic funding, both in higher education and in STEM learning in grade school, and the state has to foster a better tax, regulatory and lawsuit climate to keep businesses thriving.
But here’s the fun part – the report’s many infographics are pretty telling. Here’s the highlight reel: