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California's Life Sciences Industry Beats Other States

UCSD molecular biologist Stephen Mayfield says algae fuel is a excellent alternative to fossil fuel because it can be used for all existing navy ships and aircraft.

California's life sciences industry is growing and continues to lead the nation in terms of jobs and revenue. The sector generated $101 billion in revenue in 2013.

The economic sector includes firms working with medical devices, drugs, research, and other medical technology.

The industry employed more than 270,000 people last year, according to a report released this week. San Diego accounts for just over 36,000 of those jobs.

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The 2015 California Biomedical Research Industry Report found that the number of biomedical jobs was up 1.4 percent from 2012 to 2013.

Salaries also compare favorably to other economic sectors. The report found the average salary in the life sciences was just over $101,000.

The industry also attracts significant investment. The region had $3.76 billion in venture capital funding in 2014, up from $2.95 billion the year before.

California led the nation in federal funding from the National Institutes of Health.

The state also got recognition for having 11 universities on the Shanghai Index, a widely-respected measurement of the world's 100 best universities. New York had five schools listed.

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The report concluded that strong research hubs centered around universities help power economic growth.