California Business Minute™

Hi, I am Tim Johnson and welcome to the California Business Minute.

San Diego is home to the third largest concentration of biotechnology companies in the
world, behind the Bay Area and Boston.

The biotech story began when research institutions such as the Salk Institute, Scripps,
and the University of California, San Diego were founded between 1955 and 1965.  In
addition the pivotal decision to designate the Torrey Pines Mesa area for science and
research development has paid massive dividends bringing companies with high-paying
jobs.

In San Diego alone, the life science industry, a broader umbrella which also includes
medical device firms, is responsible for nearly $9 billion in annual economic impact. The
cluster has more than 44,000 employees at some 700 companies, including 33 publicly
traded life science companies with a total market value of nearly $25 billion, according to
San Diego Association of Governments estimates.

Biotechnology workers in San Diego earn an average wage of $80,000 annually, roughly
83 percent above the average pay for all jobs, according to the San Diego Regional Economic
Development Corporation.

I am Tim Johnson and this has been the California Business Minute.