Life Science Industry in California Generates $413.7 Billion Annually

Biocom California, the association representing the California life science industry, today released a new report showing California’s life science industry directly provides more than 460,000 jobs in the state and generates $413.7 billion in total business output. Biocom California’s 2023 Economic Impact Report outlines these and other key findings about the state’s life science industry, including information on economic, demographic, investment and industry performance data. The full report analysis and regional fact sheets are available on the Biocom California website.

“California continues to be the leading innovation hub for the life science industry, and the 2023 Economic Impact Report provides key data on the impact it has on the state and regional economies,” said Joe Panetta, president and CEO of Biocom California. “When we create a business environment that encourages innovation, we unleash scientific creativity, leading to medical breakthroughs that will forever improve human health. The life sciences are a robust economic engine in California, with companies of all sizes dedicated to addressing significant unmet medical needs. It’s clear the work the industry does every day has a significant impact on California, providing high-paying jobs directly and indirectly across the state.”

Key facts from the report include the following:

• In aggregate, the industry supported approximately 1.19 million jobs in 2022, including direct, indirect, and induced employment.
• California received a total of $5.4 billion in research funding from the National Institute of Health (NIH) in 2022.
• Life science organizations in California expanded employment by 6.0% in 2022, outpacing all other industries in California (4.2%) as well as the U.S. overall (3.5%).
• In 2022, the state’s life science industry expanded direct employment by more than 26,600 jobs.

About Biocom California

Biocom California is the leader and advocate for California’s life science sector. We work on behalf of more than 1,700 members to drive public policy, build an enviable network of industry leaders, create access to capital, introduce cutting-edge STEM education programs and create robust value-driven purchasing programs.

Founded in 1995 in San Diego, Biocom California provides the strongest public voice to research institutions and companies that fuel the local and state-wide economy. Our goal is simple: to help our members produce novel solutions that improve the human condition. In addition to our San Diego headquarters, Biocom California operates core offices in Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C. and Tokyo. Our broad membership benefits apply to biotechnology, pharmaceutical, medical device, genomics and diagnostics companies of all sizes, as well as to research universities and institutes, clinical research organizations, investors and service providers.

For more information on Biocom California, please visit our website at www.biocom.org. Connect with us on LinkedIn, Facebook, and Twitter (@BIOCOMCA).

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