Biocom California’s annual Economic Impact Report provides data on jobs, labor income and business output for the life science industry and discusses key trends impacting the industry
SOUTH SAN FRANCISCO, Calif. & LOS ANGELES & SAN DIEGO–(BUSINESS WIRE)–Biocom California, the association representing the California life science industry, today released a new report showing California’s life science industry directly provides more than 465,000 jobs in the state and generates $414.2 billion in total business output. Biocom California’s 2024 Economic Impact Report outlines these and other key findings about the state’s life science industry, including information on economic, demographic, investment, and industry performance data. The full report analysis and regional fact sheets are available on the Biocom California website.
“California has always been a leader in life science innovation, and our 2024 Economic Impact Report shows the sustained value of the industry to the state’s economy,” said Joe Panetta, president and CEO of Biocom California. “Accelerating the success of the life science industry requires a mission-driven mindset to nurture growth. The scientific breakthroughs that create lasting impact on human well-being involve significant financial risk, and the efforts are worth it. This is evidenced by the lasting economic impact of the industry’s work, as well as the advancements that generate dramatic improvements in patient health.”
Key facts from the report include the following:
- In aggregate, the industry supported approximately 1.24 million jobs in 2023, including direct, indirect, and induced employment.
- Public research funding to life science in organizations in California remains robust, with researchers in the state receiving a total of $6.02 billion in research funding from the National Institutes of Health (NIH) and the National Science Foundation (NSF) in 2023.
- In 2023, the life science industry in California experienced a modest 0.6% contraction in employment, influenced by nationwide workforce reductions by major biopharmaceutical companies.
- Although overall employment declined modestly, sub-sectors like pharmaceutical manufacturing, in vitro diagnostics manufacturing and biotechnology R&D saw job gains, especially in regions outside of core markets.
- More than $840 million in investments in biotechnology manufacturing and R&D infrastructure across all California life science clusters ensures that facilities are available to meet the industry’s growing needs.
About Biocom California
Biocom California is the leader and advocate for California’s life science sector. We work on behalf of more than 1,800 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs.
Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics, and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors, and service providers.
For more information on Biocom California, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA).
Contacts
Biocom California Media Contact:
Carolyn Hawley
Inizio Evoke Comms
(619) 849-5382
Carolyn.hawley@inizioevoke.com
