California companies are leaders in medical science and innovation. These corporations are producing the world’s most innovative therapies and diagnostic tools. The extensive pipeline of innovation and discovery begins with the state’s academic and research institutions and continues with the entrepreneurial culture. This path then leads to the production of hundreds of new drugs, tools and devices.
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California's Medical Industry Takes New Ground
The biomedical sector of California drives improvements in healthcare through the development of new medicines and technologies. The industry is built on, and fueled by, world-class universities and ground-breaking biomedical research. In 2014, California companies filed 1,205 investigational new drug (IND) applications. Companies based in California have an impressive record of developing new treatments that improve survival and quality of life for millions of people around the world. These therapies have provided an increase in the therapies available for treating cancer, infectious diseases and many other illnesses.
California's Medical Industry Thrives
California’s biomedical industry has led the way in the manufacturing and innovation of medical devices and treatments. In 2013, companies led the industry in profits while also maintaining a higher rate of employment than any other state. It is estimated that medical innovations attracted $3.8 billion from venture capitalist investments from around the world in 2014. That year, these figures were second only to California’s software industry and resulted in 60.1 percent of all venture capital investments.