LAEDC partner Biocom, which is celebrating one year of supporting the lifescience industry in Los Angeles, today published a report on bioscience / lifescience jobs and businesses, revealing a strong industry cluster in the LA region. LAEDC and many of our region’s leaders see great potential for the bioscience industry cluster to grow and create well-paying jobs, thriving companies, and opportunity for our region to become a bioscience leader on a global scale. The new report reveals bioscience is already a strong part of our economy.
The local industry in the LA County geography includes 103 biopharmaceutical companies, 436 medical device and diagnostic companies and 787 research and lab support institutions, and its local establishments were awarded over $890 million in NIH research awards in the 2016 fiscal year. “The Los Angeles life science industry is in a growth phase, with particular strength in biopharmaceuticals and life science wholesale trade,” said Dina Lozofsky, executive director of Biocom’s Los Angeles office. “We have distinct strength in manufacturing in life sciences, hearkening to Los Angeles’ historical strength in manufacturing.”
The report looks at both the firms that serve the local-market, and the export-oriented firms that sell goods and services beyond our region. Both types of firms support well-paying jobs which is important, but both LAEDC and Biocom recognize the importance of fostering growth of the latter — those businesses developing new medical devices, new medicines, new lines of research, and indeed whole new industries of the future. There is significant growth potential for those businesses that can sell internationally, and as a region we have significant competitive advantages fueled by R&D from our world-leading research universities, innovative companies, and top-tier research hospitals. However, more can be done to attract and retain these businesses and their jobs in the LA region, because those businesses can choose to locate anywhere in the world. There are important roles for government to facilitate growth of the industry, and LAEDC has crafted recommendations and is happy to work with elected leaders and their staff.
In support of that goal of a globally competitive bioscience industry that creates jobs, LAEDC has launched a bioscience cluster team to support businesses, craft real estate solutions that allow clustering of bioscience organizations, analyze public policy issues that can grow the industry, and more. A key resource in this process is partner Biocom, which is one of the organizations responsible for San Diego’s tremendously successful bioscience industry growth. Biocom’s LA-based staff, located in DTLA is working with local stakeholders to improve access to capital, provide matchmaking, and work on a myriad of issues to replicate San Diego’s bioscience results here, with our own unique LA style and focus.
LAEDC Vice President Carolyn Hull was quoted in an article in SoCal News Group newspapers, indicating The Los Angeles Economic Development Corp. is working closely with Biocom to find new areas of growth, and to connect venture capitalists with promising startups. “We’re going to work with business incubators, make connections with venture capitalists and work with the startup community that’s challenged with finding physical space,” said LAEDC Vice President Carolyn Hull. Read the article HERE.
Learn more about Biocom’s report and its highlights in their press release HERE.