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BioCommunique Article

Report provides key economic, demographic, and industry performance data and analysis for the Life Science industry in the state and selected sub-state regions.

Biocom Releases 2020 Economic Impact Report

  • 2020-06-25T19:00:00.000+0000
  • California
  • Author: Harry Chang

This week, Biocom released our 2020 Economic Impact Report, outlining key economic findings of California’s life science industry.

The report, which found that California’s life science economy provides over 1.4 million jobs and generated $372 billion in 2019 alone, comes at a time of uncertainty given the ongoing coronavirus pandemic.

“There is no more important time for our industry than right now, during an unprecedented global pandemic,” said Joe Panetta, president and CEO of Biocom. “This report demonstrates that the work the industry does every day has a significant economic impact on California, providing high-paying jobs across the state that contribute to the economic health of our communities.”

“During the COVID-19 crisis, we will continue to keep our finger on the pulse of the life sciences, and future reports will reveal important data on how the pandemic affected our industry, its millions of related jobs and its economic impact across the state.”

The report indicated that California’s life science industry continues to see steady growth, with a 13% increase in the number of statewide jobs over the past five years. California also received the most research funding from the NIH of any state, with a total of $4.59 billion in fiscal year 2019.

Regionally, the Bay Area was found to have directly employed more than 145,000 in life science and supported more than 387,000 total jobs, generating $139 billion in economic impact. Los Angeles County received the largest amount of NIH funding in 2019 at over $1.15 billion and directly employed more than 93,000 individuals, generating $44.2 billion in economic activity.

Meanwhile, San Diego County contributed $41.3 billion to the local economy and directly employed over 68,000 in 2019, supporting over 175,000 total jobs in the region. With significant job growth in biopharmaceuticals manufacturing, medical devices and diagnostic equipment and research and lab services over the last five years, San Diego boasted 4.8 times the national average concentration of biochemists and biophysicists in 2019.

The report also includes breakdowns of important regional clusters of life science organizations. Fact sheets that summarize regional findings can be found for the East Bay, The Peninsula, the City and County of San Francisco, Southern California, Los Angeles City and County, and the City and County of San Diego. These data sheets provide key information for the many companies that make up California’s unique life science microclusters.

As a representative of over 1,300 members of California’s life science economy, Biocom looks forward to using the findings of the 2020 Economic Impact Report to continue accelerating

innovation by advocating for funding growth, business tax relief and talent attraction initiatives to support the state’s dynamic life science industry.

View the full 2020 Economic Impact Report here.