Recently I read a News article from the Mercury News about the shining Biomedical Sector, so felt like sharing it with you people.
This report had following highlights
A total of 14 biomedical companies made the valley’s list of 150 sales leaders, the fourth-highest number among the 11 sectors tracked on the list. And even though that was one company fewer than the previous year, the biomedical group’s nearly $14 billion in revenue amounted to a 13 percent increase over 2009.
The sector also reported a combined profit of about $3.9 billion, a 26 percent jump from 2009. All but three of the 14 companies saw a rise in profits in 2010 and all but three added employees.
As has been the case for years, biomedical companies tend to be relatively small. The 14 firms employed just 17,416 people last year, surpassed by all the other sectors except the data storage group. But that leanness helps keep costs down. Consequently, the biomedical contingent had the highest sales per employee — about $800,000 — of any business sector and the highest overall profit margin.
“As we look across the state of California, biotech has fared better than other groups in terms of weathering the recession,” said Gail Maderis, president and CEO of BayBio, a local industry organization. “More important, both the number and the quality of startups in the area is just tremendous.” Maderis likened the recession to “a forest fire that goes through and cleans out the old growth and leaves room for the young sprouts.
Gilead Sciences (GILD) of Foster City posted nearly $8 billion in sales — a 13 percent annual increase — making it the valley’s 10th-biggest company. It also reported a profit of $2.9 billion, up 10 percent from the previous year.
Founded in 1987, Gilead has 13 treatments on the market. It’s mostly known for its HIV drugs, but it also sells medications for liver and eye ailments, fungal infections, cardiovascular disorders and respiratory conditions.
source: Mercury News
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