For decades, California has had an excellent track record, producing thousands of new innovations, therapies and technologies. In 2015, California companies were shepherding 1,235 new drugs through the product development pipeline. This development seems to continue. Some highlights here:
Life sciences companies paid more than $2.7 billion in federal corporate income tax, while employees paid $3 billion in federal income tax. The industry contributed more than $13.2 billion in federal and California state and local taxes.
California continues to dominate the nation in academic achievement. The state has the most universities in the Shanghai Index of the world’s top 100 schools. In 2013, academic institutions in the state awarded 4,966 doctorates to young scientists and engineers. By contrast, the second highest state, New York, awarded 2,985.
In 2015, California is projected to attract more than $4.7 billion in life science investment, a sharp increase from the $3.6 billion the state’s entrepreneurs received in 2014.* This increase was reflected in all stages of company development: seed, early, expansion and later stage. By contrast, seed stage investments declined in the nation as a whole in 2015. California´s influence is big: sixty percent of the nationwide investments goes to California.
SOURCE: PricewaterhouseCoopers/National Venture Capital Association MoneyTreeTM Report based on data from Thomson Reuters