California’s Life Science Industry Generates Almost $372 Billion Annually to the State’s Economy

Industry News

California’s Life Science Industry Generates Almost $372 Billion Annually to the State’s Economy

July 2020

California’s Life Science Industry Generates Almost $372 Billion Annually to the State’s Economy

As lawmakers consider policies that will affect the health and lives of Californians, it’s important to know the facts that will help ensure a well-informed discussion related to breakthrough medications and economic contributions made by California’s life science industry – especially during this difficult time as the state works to physically and financially recover from the impacts of COVID-19.

Biocom’s 2020 Economic Impact Report Databook underscores the significant contributions of the life science industry across California and in specific legislative districts.

Among its most important findings, California’s life science industry:

  • Generates nearly $372 billion to the state’s economy
  • Supports more than 1.4 million jobs
  • Provides an average wage to employees of $117,000
  • Increases labor income by $115 billion per year
  • Boosts the state’s total gross product by almost $212 billion

Click on the following links below for fact sheets on specific life science communities​:

The full report may be accessed here. We hope you find this information useful in your policy considerations.

Help us spread the word by sharing this critical data on your social media channels. For customized social media posts that you can share with your constituents, highlighting the latest figures on the industry’s economic impact in the communities you represent, please don’t hesitate to contact Patricia Cooper at patty.cooper@cabiotech.org or (916) 764-2434.

Stay informed on the latest news and trends on the economic and health benefits of this important industry by visiting the new CABiotech.org

For more information about California’s biotechnology and life science industry, contact California Biotechnology Foundation Executive Director Patty Cooper at (916)764-2434 or patty.cooper@cabiotech.org.