As the Great Recession decimated U.S. job growth, one sector continued to thrive: biotechnology. Encompassing everything from medical device manufacturing to biopharmaceutical development and the latest diagnostic tools, this industry will no doubt frame humanity’s most important advances in the 21st century.
California is home to two major biotechnology hubs — San Francisco and San Diego — but Los Angeles has been left behind. The paradox is that universities in Los Angeles County produce more than 5,000 graduates in biotechnology-related fields each year, compared with 2,800 in San Francisco-Oakland-Fremont. However, it’s San Francisco that attracted $1.15 billion in biotechnology investment in 2013, compared with a paltry $45 million here. No wonder, then, that so many of our graduates head north.
To reverse this trend, Los Angeles requires an ecosystem that fosters business, venture capital investment and access to academic medical centers for research and clinical trials. My university, USC, hopes to spark this change by building a Biotechnology Park adjacent to our Health Sciences Campus in Boyle Heights.