Director of Biotechnology Would Compliment Tax Changes Implemented in 2009
BRISBANE, Calif.--(BUSINESS WIRE)--Addressing the importance of job creation, BayBio and Assemblyman Jerry Hill announced legislation to retain and attract California's second largest employing industry during a press conference at an R&D lab in Northern California.
“With a combined workforce of over 750,000, California’s biomedical industry is a worldwide leader in life saving treatments and devices”
“With a combined workforce of over 750,000, California’s biomedical industry is a worldwide leader in life saving treatments and devices,” said Assemblymember Jerry Hill. “As lawmakers we need to ensure that California doesn’t become to biotechnology what Michigan has become to the auto industry.”
Despite historic economic woes, California’s life sciences industry’s output was greater than ever before. The number of treatments, technologies and devices available to patients increased 35 percent in 2009 as compared to 2008.
Hill’s proposal would create a director of biotechnology in the governor’s office. It would be another step to build on the momentum the state has generated in the last several years. A key proposal passed in 2009 removed a penalty to build facilities in the state. The Single Sales Factor tax apportionment formula removed state taxes on facilities and payrolls of companies operating in California. I n 2008, the legislature extended Net Operating Loss (NOL) carry forward from 10 years to 20 years.
“Promoting investment in the biotech innovation economy is rightfully a main concern, and it’s a shame to lose the fruits of that research just as the industry matures into an economic beacon of growth,” said BayBio CEO Gail Maderis. “This does an enormous disservice to the fiscal health of the state and the job opportunities for Californians with community college degrees.”
In total, there are 1,754 marketed products available to patients, doctors and clinics worldwide that have California origins, according to the flagship industry study BayBio: IMPACT 2010. Additionally, the report identifies 233 pending treatments, technologies and cures that represent more than $50 billion in investments for new jobs, facilities and equipment in the immediate future. However, without appropriate economic policies and support for education, the State of California will see very little of this development.
The findings of the BayBio: Impact 2010 report are available through a comprehensive, searchable database available at www.californiacures.org . The website provides a comprehensive listing of all the technologies of California origin organized by disease state, indication and company. Complimentary access provides users another resource to learn about the science behind life.
About BayBio
BayBio is an independent, non-profit 501(c)(6) trade association serving the life science industry in Northern California. The staff and services of BayBio are paid primarily through memberships, sponsorships, and event registration fees. BayBio provides these services through representatives in South San Francisco, Emeryville, Sacramento and through coalition partners in Washington, DC.
