California Leads World in Biomedical with $62B in Revenue

California's biomedical industry is the second largest contributor to its high technology economy, second only to computer consulting and programming, according to a report by the California Healthcare Institute (CHI) and PricewaterhouseCoopers.

California biomedical industry accounted for $62 billion in revenue in the state last year. 

The life sciences industry in CA attracted nearly $2.9 billion in venture capital investment in 2005, approximately half of the total $5.9 billion invested in life sciences in the U.S.

Biomedical firms in CA paid approximately $18.2 billion in wages and salaries in 2005. California is home to some 2,700 biomedical companies, though most employ fewer than 100 workers.

There are currently approximately 802 new medicines in California's R&D pipeline. Nearly one-third of these products target cancer. Biomedical companies invested $26 billion in the development of new products for unmet medical needs in 2005. 

Since the industry's inception 30 years ago, U.S. biotechnology companies have lost a combined $52 billion. A select few biotechnology companies, such as Genentech and Amgen have hit it big though. 

In the 20th anniversary edition of Beyond Borders: The Global Biotechnology Report 2006, Ernst & Young reports that the revenues of publicly-traded biotechnology companies surpassed $60 billion for the first time in the sector’s 30-year history. Some significant global biotech milestones include from E&Y report:

  • Revenues of the world’s publicly-traded biotech companies grew 18% in 2005, reaching an all-time high of $63.1 billion.
  • As revenues increased, the industry’s net loss decreased by a dramatic 30%, to $4.3 billion. 
  • The industry secured 32 new product approvals in the United States, including 17 first-time approvals.
  • The global biotech industry raised $19.7 billion in capital in 2005, its second highest total since the bubble of 2000.

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