Biomedical Industry Loses Momentum in California, According to 2012 California Biomedical Industry Report
After two decades of steady annual job growth, employment in California's biomedical industry stalled while the state has struggled to recover from financial shortfalls and the industry adapts to a sharp pullback in funding from risk-averse investors in an uncertain regulatory environment, according to the 2012 California Biomedical Industry Report published today by the California Healthcare Institute, BayBio and PwC US.
Job losses precipitated by the financial crisis, recent company downsizings and the lure of scientists, researchers and facilities outside of California set biomedical industry employment back to 2006 levels, the report found. At the same time, California is the source of approximately 28 percent of the nation's biomedical pipeline and remains the world's leader of new innovation in emerging scientific and technology disciplines such as personalized medicine, regenerative medicine, mobile health, and nanotechnology. The report finds optimistic signs that California's biomedical industry is poised to regain its earlier momentum, but the pace and location of future growth is uncertain.
"California's biomedical industry embodies the state's distinguishing strengths, and there have been enormous investments of time, energy and money in building it," said Gail Maderis, president and CEO of BayBio. "Yet we're at a crossroads, and we'll need to continue to work together - industry and policymakers - to address the challenges to innovation and productivity the industry now faces."
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