California and particularly the Bay Area remain the nation’s top spots for biomedical entrepreneurs and employees, according to an industry report Monday.
California boasts 2,321 biomedical businesses, more than any other state, according to the latest annual snapshot of the industry by PricewaterhouseCoopers, the California Healthcare Institute and BayBio.
Moreover, California firms involved in what the report termed “core” biomedical activities — such as making drugs and medical devices – employed 152,806 people as of 2011, the most recent data available. That’s more than double the number employed in Massachusetts, the state with the second biggest concentration, the report said.
With 847 companies, the Bay Area boasts the biggest biomedical cluster in the state. Those firms employ 47,019 workers, the study found. San Diego County had the next largest such workforce, numbering 25,883.
California biomedical firms also developed nine of the 39 new medicines approved by the U.S. Food and Drug Administration in 2012.
Moreover, California received $3.33 billion in biomedical-related financing from the National Institutes of Health in 2011, more than any other state.