Report: California biotech booming, but fragile - Sacramento Business Journal:

Report: California biotech booming, but fragile - Sacramento Business Journal:: "Sacramento Business Journal - October 20, 2006
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Report: California biotech booming, but fragile
Sacramento Business Journal - 2:02 PM PDT Friday

California remains the hot spot for biotechnology businesses, which employed almost 260,000 people in 2005, according to a report issued Thursday.

The California Healthcare Institute report, compiled by PricewaterhouseCoopers, said the field of biotech, which includes diagnostic companies and medical device makers, reported about $62 billion in revenue last year for the state. It is the second largest among technology industries in the state, the report said, citing statistics from the state labor department.

And of the about $5.9 billion in venture capital poured into the field, nearly half went to companies in California, many of them developing drugs to fight diseases such as cancer, diabetes and arthritis.

In addition, about $3.6 billion in National Institutes of Health grants went to California scientists in fiscal year 2004, the report found.

'California's biomedical industry is a vital and growing component of our state's high-tech economy"