Key highlights of the 2018 California Life Sciences Industry Report include:
- No. 1 in venture capital life sciences investments: California is projected to secure the most VC life sciences funding in the nation, with $6.7 billion expected in 2017, an increase of over $2 billion from the previous year. This is 53.2% of the nation’s entire expected life sciences VC investment in 2017. Massachusetts is projected to be second with nearly $3 billion.
- No. 1 in NIH grants: California scientists received over $3.8 billion in NIH research grants (7,836 awards) in federal fiscal year 2017—the most of any state in the nation. Massachusetts received $2.7 billion, over $1 billion less.
- No. 1 in digital health VC investment: California’s digital health sector is projected to attract $2.3 billion in digital health VC investment for 2017, leading the nation. New York is projected to be second, receiving over $1 billion less. Over $1.7 billion of the digital health funding flowed to the Bay Area. Orange County and Los Angeles County ranked second and third respectively, receiving a combined $423 million.
Life Sciences Firms & Economic Impact
- California is home to 1,796 medical device and equipment manufacturing firms, and 1,453 biotechnology and pharmaceutical companies. Collectively, these total 3,249 life sciences companies in California – 209 more than the previous year – producing new technologies to improve patient care and boosting the state’s economy.
- With revenues at $169 billion, California life sciences companies were responsible for $22.7 billion in exports and paid $17.3 billion in federal, California state and local taxes.