Member Spotlight: Biocom Study Examines Life Sciences
Biocom recently released its 2020 Economic Impact Report featuring the most recent data about California’s life science industry, including the sector’s growth and substantial impact on the regional economy. The report states that the industry provides over 1.4 million jobs in the region and generated $372 billion in 2019 alone. It also demonstrates that California’s life science industry has grown dramatically, as the number of jobs has increased 13 percent in the past five years.
Biocom’s report is extremely comprehensive as it provides an in-depth analysis of the industry’s central hubs: the San Francisco Bay Area, Los Angeles, and San Diego. The Bay Area’s life sciences industry supported more than 387,000 jobs and generated a total of $139 billion in 2019. Bio-pharmaceutical manufacturing, medical devices, diagnostic equipment, research, and lab services are the sectors with the most past success and highest projected growth. The release of Biocom’s Economic Report is especially timely and significant amid the COVID-19 pandemic. The implications of this study indicate that the industry, specifically the biomedical branch, does not only impact the physical health of Californians, but the many lucrative jobs produced and sustained contribute to the economic health of our state. For more information about California’s flourishing life science industry, please visit https://www.biocom.org/eir/.