California Life Sciences Association (CLSA) and PwC US have released the 2016 California Life Sciences Industry Report, which indicates that California’s life sciences sector had a profound impact on the state’s economy, “showing industry increases in the areas of sector employment growth, wages, research funding and life sciences venture investment.”
“Our latest report paints a vivid picture of California’s 2,848 life sciences companies thriving through collaboration, innovation, investment and access to resources in academia and the workforce,” said Peter Claude, Partner, Pharmaceutical & Life Sciences Advisory, PwC. “Our collective research has shown that California‘s life sciences innovation ecosystem is alive and well; that companies and innovators here are leading in nearly every measureable facet of growth and creating a new era in healthcare marked by the convergence of technologies, information sharing, and focused investment.”
Key financial findings:
- California’s 2,848 life sciences companies generated $130 billion in revenue in 2014.
- The industry paid workers $30.6 billion in salaries and wages during 2014 with the average annual salary at $108,893.
- California scientists received $3.26 billion in National Institutes of Health (NIH) research grants in federal fiscal year 2015—the most of any state in the nation.
- $4.79 billion in life sciences venture capital is projected to be invested in California companies in 2015 – more than double that of the second ranked state (Massachusetts)