Listen To The Story
Marketplace

TEXT OF STORY

SCOTT JAGOW: California's not the cheapest place to do business, but a new report says the state's biotech industry is booming anyway. Sarah Gardner reports.


SARAH GARDNER: California is now home to more than 2,700 biomedical firms, and they provide some of the state's best-paid jobs. The average salary is a little over $70,000 a year.

All this according to the latest study by California Healthcare Institute, a trade group for the industry. Its president, David Gollaher, credits the 100-plus universities and research institutions in the Golden State.

DAVID GOLLAHER:"What happens is the researchers who tend to be the scientific founders of these companies want to stay in California."

But Gollaher says the real challenge for California will be keeping the manufacturing jobs produced by all this biomedical R&D.

California's high taxes, long commutes and expensive real estate could drive that business elsewhere.

I'm Sarah Gardner for Marketplace.

“I think the best compliment I can give is not to say how much your programs have taught me (a ton), but how much Marketplace has motivated me to go out and teach myself.” – Michael in Arlington, VA

As a nonprofit news organization, what matters to us is the same thing that matters to you: being a source for trustworthy, independent news that makes people smarter about business and the economy. So if Marketplace has helped you understand the economy better, make more informed financial decisions or just encouraged you to think differently, we’re asking you to give a little something back.

Become a Marketplace Investor today – in whatever amount is right for you – and keep public service journalism strong. We’re grateful for your support.

Follow Sarah Gardner at @RadioGardner