Biotech is Still Golden in the Golden State

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We all know that California has been hit hard by the current recession. Sadly most of the state is facing dire economic realities that go much deeper than that.  However, its status as the world’s undisputed epicenter of biotechnology has not been tarnished one bit, according to a new survey released by the California Healthcare Institute. While the news is surprisingly upbeat, the Golden State’s money maker will move to greener pastures  shores if state and federal policies are not updated to compete with Asian competitors. The report, executive summary and fact sheets can be accessed here. Also, PharmaExec.com has a good breakdown of the policy angle of this story. Key findings of the survey are: 

  • Over the past year, nearly two-thirds (64 percent) of California biomedical companies either maintained or expanded their workforce, while other parts of California’s economy saw steep declines and the highest unemployment levels in three-quarters of a century. 
  • Over the next two years, 81 percent of biomedical companies expect to maintain or increase their workforce in California. 
  • Two-thirds of biomedical companies also expect to increase their out-of-state manufacturing workforce over the next two years.  More than half (58 percent) anticipate expanding their research and development workforce outside of California.

California’s Biomedical Industry is ‘Recession Resilient’