2014 was a banner year for the life sciences industry – both on a global and national scale. The global life sciences industry saw a total of $104.2 billion raised, up from the $92.9 billion in 2013. Venture capital financing, IPO and M&A activity all recorded significant growth from the prior year. This surge in financing activity, coupled with a growing enthusiasm for new innovative technologies, has many industry veterans saying that the sector is well positioned for sustained growth in 2015 and years to come.
It was also a strong year for drug approvals. Throughout 2014, the US Food and Drug Administration (FDA) approved a total of 41 new drugs and biologics, up from the 27 approved in the prior year. In fact, the sector recorded the most approvals in a single calendar year since 1996 when the FDA approved 53 new drugs and biologics.
The San Diego life sciences market continues to be a major player in both the national and global market. The region, viewed as the third largest life sciences market in the country – behind Boston and San Francisco – is home to more than 600 life sciences companies and over 80 research institutes that employee around 50,000 people. Job growth within the San Diego life sciences sector exceeded expectations, with the local industry growing by 5.2 percent in 2014, well above the private sector growth of 3.8 percent.
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Post on LinkedIn: The total availability rate for San Diego’s life sciences cluster (Torrey Pines, UTC, Sorrento Mesa, Sorrento Valley) ended the year at 9.2 percent, recording a 230 basis point decrease from the previous quarter and a noteworthy 570 basis point decrease from the same period in 2013. Share on LinkedIn
Tweet this: The #SanDiego #lifescience market is positioned for continued expansion expansion. @JLL_SanDiego. http://ctt.ec/MvQz1