Biotech
California has a history of leading innovations in life-saving biomedical technologies. We are the long-time home to the nation’s number 1 biomedical sciences research institution3 and at nearly $4 billion annually4, California’s universities lead the US in earned National Institutes of Health grants.
California’s life sciences industry generates nearly 1 million direct and indirect jobs5 and over $177 billion in annual revenue6. More bioscience and biotechnology patents are issued to California companies and researchers than any other state. California leads the pack across the board for patent generation7 from microbiology and genetics to bioinformatics and health IT – creating more than 2.5 times as many patents as the next ranking state8.
California bioscience companies saw over $28 billion in venture capital investment from 2014-2017, more than any other state9, and our businesses have 1,300+ therapies in the development pipeline10. These investments keep California at the forefront of biotech innovation.
Popular Programs
California Competes Tax Credit
The California Competes Tax Credit is an income tax credit available to businesses who want to relocate, stay, or grow in California. Our team provides no-cost consultations to see if your business qualifies.
Research & Development Tax Credit
A business may qualify for an income tax credit if it paid for or incurred qualified research expenses while conducting qualified research activity in California. Qualified research expenses include wages, supplies, and contract research costs.
Employment Training Panel
The Employment Training Panel (ETP) provides funding to employers for training that upgrades the skills of their workers.
References
1. TEConomy/Bio (Biotechnology Innovation Organization) and CA Life Sciences Association, “California Life Sciences Industry Report 2019.
2. TEConomy/Bio (Biotechnology Innovation Organization)
3. Scripps Research
4. TEConomy/Bio (Biotechnology Innovation Organization)
5. CA Life Sciences Association, “California Life Sciences Industry Report 2019.”
6. CA Life Sciences Association, “California Life Sciences Industry Report 2019.”
7. TEConomy/Bio (Biotechnology Innovation Organization)
8. TEConomy/Bio (Biotechnology Innovation Organization)
9. TEConomy/Bio (Biotechnology Innovation Organization)
10. CA Life Sciences Association, “California Life Sciences Industry Report 2019.”
11. CA Centers of Excellence, “Supply and Demand Analysis, Life Sciences & Biotech Middle Skills Workforce In California,” September 2017
12. TEConomy/Bio (Biotechnology Innovation Organization) and CA Life Sciences Association, “California Life Sciences Industry Report 2019.
13. CA Life Sciences Association, “California Life Sciences Industry Report 2019.”