California

November 1, 2008
Pharmaceutical Technology Europe

Volume 20, Issue 11

California's forward-thinking reputation, well-funded research universities and world leadership in the potentially life-saving field of stem cell research and green energy provide a progressive and positive business environment for biotech companies.

California's forward-thinking reputation, well-funded research universities and world leadership in the potentially life-saving field of stem cell research and green energy provide a progressive and positive business environment for biotech companies.

In 2004, the State's voters passed Proposition 71, devoting an unprecedented $3 billion to stem cell research, creating the California Institute of Regenerative Medicine (CIRM) and making California the world leader in the field.

To date, the CIRM governing board has approved 168 research grants totalling more than $530 million, making CIRM the largest source of funding for embryonic and pluripotent stem cell research in the world (California Institute for Regenerative Medicine Website). In May, CIRM announced a total $1.1 billion in public–private partnership funding to expand California's research infrastructure, which is aimed at helping the State continue its dominance in stem cell research and stimulate its economy without negatively impacting the State budget.

South San Francisco

Six of the best-funded research universities in the US are in California, five of which are University of California (UC) campuses, according to the National Science Foundation. One in four biotech companies are located within 35 miles of a UC campus.

California's commitment to innovation has made it the foremost investment destination for biotech industries. The State also continues to dominate venture capital. In 2007, California attracted nearly half of all venture capital dollars invested in the US, totalling more than $4.3 billion in 319 deals. Its biotech industry employed an estimated 211800 people in 2007, up 3.6% from the previous year and it continues to expand to include more of both technical and support positions.