Biocom's 2026 Economic Impact Report Highlights the Strength, Resilience and Future of the Life Science Industry in California

Biocom's 2026 Economic Impact Report Highlights the Strength, Resilience and Future of the Life Science Industry in CaliforniaThe industry generated $394 billion in economic output, supported more than 1 million jobs and attracted $73.1 billion in investment as companies continued to innovate, expand and drive growth amid a challenging environment.Biocom, the largest life science membership association representing companies across California and major life science markets, today released its 2026 Life Science Economic Impact Report, offering a comprehensive look at the economic impact, emerging trends and innovation powering one of the state’s most important industries.The report, produced in partnership with UC San Diego and HSBC Innovation Banking, highlights the continued strength of the life science industry in California. In 2025, the sector generated $394 billion in economic output, supported more than 1.08 million jobs and attracted $73.1 billion in private investment, demonstrating its continued ability to innovate, grow and drive economic prosperity despite ongoing economic, regulatory and policy headwinds.More than a snapshot of industry performance, the report examines the forces shaping the future of life sciences, including the growing role of artificial intelligence in drug discovery and manufacturing, evolving investment and licensing strategies, increased focus on domestic manufacturing capacity and the policy decisions influencing U.S. competitiveness in an increasingly global innovation landscape.The report also introduces The Ripple Effect, a collection of stories showcasing how Biocom member companies are translating scientific discoveries into real-world impact. From breakthrough therapies and diagnostics to advanced manufacturing and emerging technologies, these stories illustrate how innovation creates jobs, attracts investment and improves lives in communities across California and beyond.In addition, the report features an industry outlook from Jonathan Norris, managing director, HSBC Innovation Banking, providing perspective on the evolving investment landscape, capital markets activity and trends shaping the future of life science innovation."The life science industry in California has always been defined by its ability to innovate through uncertainty," said Tim Scott, president and CEO of Biocom. "Even as companies faced funding pressures, regulatory complexity and increased global competition, they continued to advance breakthrough science, invest in manufacturing, embrace new technologies and create opportunities for patients. This report not only measures the industry’s economic impact, but also highlights the innovation, ingenuity and people driving its future.”Among the report's key findings:The life science industry in California generated $394 billion in total economic output and supported more than 1.08 million jobs statewide.More than 406,000 Californians were directly employed in the industry, earning an average annual salary of $192,179.Life science organizations generated $65.2 billion in direct labor income and supported $126.9 billion in total labor income across California.California companies attracted $73.1 billion in private investment, including $20.6 billion in venture capital funding.California remained the nation's largest recipient of funding from the National Institutes of Health (NIH) and the National Science Foundation (NSF), securing $6.26 billion in research support through 9,486 awards.The number of life science establishments grew to 15,730, an increase of nearly 2% year over year despite broader industry headwinds.Life science manufacturing employed 143,572 Californians and accounted for more than one-third of all life science jobs in the state.Despite workforce adjustments across portions of the industry, companies continued to launch new ventures, expand manufacturing operations, advance research programs and attract significant investment across the state."Behind every statistic in this report are researchers, entrepreneurs, manufacturers and innovators working to solve some of the world's most pressing health challenges," Scott said. "The data tells an important story, but so do the companies featured throughout the report. Together, they demonstrate why California remains the world's leading center for life science innovation and why continued investment in science matters."To access the full report, visit https://www.biocom.org/eir.About BiocomBiocom is the largest life science membership association, representing companies across California and major life science markets worldwide. Founded in 1995, Biocom works to drive innovation and industry competitiveness across the life science ecosystem. Our community includes biotechnology, pharmaceutical, medical device, genomics and diagnostics companies at every stage, as well as research institutions, investors, service providers and emerging technology innovators.Biocom works on behalf of its members to build meaningful connections and deliver valuable insights through Conferences & Events, expand access to Funding & Partnering opportunities, provide Group Purchasing solutions that drive efficiency and savings, champion Policy & Advocacy that protects and advances innovation, and strengthen talent pipelines through Workforce Development.Biocom maintains offices in San Diego, Los Angeles and the San Francisco Bay Area, with satellite offices in Sacramento, Washington, D.C., Tokyo and a growing presence in Seattle, bridging regional ecosystems and global markets to strengthen growth. Media Contact:Cammy DuongLifeSci Communicationscduong@lifescicomms.comView source version on businesswire.com: https://www.businesswire.com/news/home/20260622721738/en/

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