Report: L.A. County is Now the State’s Third Largest Biotech Hub
A new report confirms that Los Angeles County is a rising star in the nation’s biotech and pharmaceutical industries.
While the industry was born in California’s Bay Area, the 2019 Economic Impact Report from leading regional life science association Biocom says Los Angeles has become the sector’s third largest hub.
Over the course of 2018 the life sciences industry in Los Angeles County exported almost $9 billion of goods and services and received more than $1 billion in new research awards from the National Institutes for Health.
“Life sciences is an important and overlooked economic engine in the Los Angeles area,” [Biocom President Joe Panetta] said.
According to the Biocom report, employment by life science industry sectors in L.A. County shows “highly variable performance” between 2013 and 2018. During that time period, the region saw job growth in biopharmaceuticals and research and lab services sectors. At the same time, there was a decline in medical devices, biorenewables, which includes biofuels and agribio, and life science wholesale trade jobs.
Panetta said the L.A. area is typically viewed as an emerging hub for the life sciences industry. However, the data revealed in the report shows “that it dwarfs most other biotech hubs around the country, if not the world.” Panetta said he continues to be impressed with the growth of the area as a biotech hub and the amount of funding that the area industry receives from the NIH each year.
Biocom’s report also highlights the health of the life sciences industry statewide. According to the report, biotech and pharmaceuticals generated $346 billion in economic activity last year and now provide 1.3 million jobs in California. In the past five years, the state’s industry has increased by 8%.