Economy

Biotech + California = Economic Engine

California is home to several of the nation’s largest life sciences clusters. Our thriving industry is a leading employer, a powerful economic engine and a driving force behind developing the state’s biomedical workforce. Throughout the COVID-19 pandemic, California’s biotech sector has proven vital in developing testing, treatments and vaccines to fight the virus and driving economic recovery. Our state’s prosperity is closely linked to the ongoing contributions of its thriving biotechnology industry, which generated a total of $405 billion in economic activity last year alone.
By The Numbers
$55B

Total biomedical exports from California biotechnology companies

$15B

Total estimate venture capital investment in California biomedical companies

$134k

Average salary California biotech employees were paid in 2020

1.4 Mil

Californians directly and indirectly employed by the biotechnology industry in 2020

489k

Californians directly employed by the biotechnology industry in 2020

14.1k

Number of biomedical facilities in California, the birthplace of the biotech industry, in 2020

6.5B

Paid in direct state and local taxes by California biotechnology companies

See the full Economic Impact Report Here.