California’s biotech industry ranked number one in new therapy development

The 2013 California Biotechnology Industry report has some good things to say about the state’s biotech industry. The state ranks number one in jobs, development of new therapies, venture capitol investment, and federal funding. Jobs in the industry also held steady through the recent recession, providing much-needed employment and tax revenue for the state.

The report came from surveys sent to 175 biotech companies in the state. A press release put out by BayBio, PwC, and California Healthcare Institute, which conducted the survey, reported that respondents said that there were improvements in the FDA regulatory process over the past year, which is a good sign for the development of new therapies. They also reported that lack of funding is one factor that could slow the pace of new therapies.

The full report is available here. They also included an overview graphic showing biotech employment over the past year.

A.A.

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