Wednesday, February 1, 2012
For the first time, life science companies in southern California got a microscopic look at the financial impact they have on each other and the local economy.
SAN DIEGO The comprehensive 40-page economic impact report examines financial aspects of all 3,500 life science companies in San Diego, Imperial, Riverside and Orange Counties.
According to the report-- biotech, biofuel, medical device and pharmaceutical companies directly created 97,000 jobs—that number jumps to 250,000 jobs when industry support workers are included.
2012 SOUTHERN CALIFORNIA ECONOMIC IMPACT REPORT
The workers impact equals about $17 billion in wages.
Joe Panetta, president of Biocom—a trade organization for life science companies in southern California commissioned the report.
“The data backs up what we’ve been saying all along. That is—the life science industry is leading economic growth locally and nationally,” said Panetta.
He also said the report reveals promising news of another 6,000 industry jobs in the next two years.
But, some challenges remain.
“There’s always a possibility of venture capital decline and federal funding restrictions. But, the data indicates we have a great base for continued growth and innovation,” said Panetta.
The regional impact report was complied by Hendershot Economics of San Diego.