Sector Overview

Anchored by the Bay Area, Los Angeles County, and Southern Border regions, California is known for its history of innovation medical technology and pharmaceutical companies, contributing to the rise of the state’s pioneering biotech economy.⁴ In 2023, the state exported $9.3 billion in pharmaceutical and medicine products and was the #1 exporter of medical equipment and supplies.²

California’s life sciences sector is bolstered by its leading research institutions and large share of venture capital investment, keeping the state at the forefront of innovation. California life science companies received $60 billion in private investment in 2023, more than any other state.^5,6

The life sciences sector is a crucial driver of our economic strength and future growth, creating high-paying jobs while supporting the healthcare industry statewide and nationally.

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.