A report on California's biomedical industry published today by Pricewaterhouse Coopers, BayBio, and California Healthcare Institute ranks the state number one in biomedical jobs, venture-capital investments, and federal funding.
Biomedical industry employment has grown at an average annual rate of 0.5% over the past five years, according to the report. This industry includes diagnostics.
Venture capital funding to California biomed companies totaled $1.98 billion through the first three quarters of 2012, the report states.
The National Institutes of Health (NIH) provided $3.33 billion to California institutions this past year. This figure rekpresents just above 15% of total NIH funding.
Gail Maderis, president and CEO of BayBio, one of the collaborators on the report, called California's biomed industry a "national treasure" but warned that "the pace of R&D productivity and its global leadership position hang on the availability of capital to fund future innovation and a regulatory framework that is based on consistency and innovative technologies."
The report is available online.