What’s Inside: Tim Scott to Succeed Joe Panetta as President and CEO of Biocom California; Our New Report Shows California Life Sciences Generates $414.2 Billion Annually; Cartography Partners with Gilead to Advance Drug Discovery for Breast Cancer; and more.

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What’s Happening at Biocom California

Tim Scott to Succeed Joe Panetta as Our Next President and CEO

This week, we named Tim Scott as our next president and CEO, effective January 1, 2025. He will succeed our current president and CEO Joe Panetta, who has led the organization for 25 years. Scott has been active on the board of directors for Biocom California since 2010, having served as the board’s chair since 2022. Chair-elect Sabrina Martucci Johnson, president and CEO of Daré Bioscience, will succeed Scott as board chair. “These are big shoes to fill,” Scott said. “Joe’s leadership and vision has transformed our industry, both in California and in Washington, D.C. His extraordinary contributions have established a strong foundation for Biocom California’s continued growth and life science industry leadership.” Scott has more than 20 years of biotech leadership experience and his deep passion, respect and advocacy for the life science industry will be instrumental in shaping Biocom California’s growth and implementation of its strategic plan.

California Life Science Industry Generates $414.2 Billion Annually

In our recently released 2024 Economic Impact Report, we found that California’s life science industry directly provides more than 465,000 jobs in the state and generates $414.2 billion in total business output. “California has always been a leader in life science innovation, and our 2024 Economic Impact Report shows the sustained value of the industry to the state’s economy,” said Joe Panetta, president and CEO of Biocom California. Other key findings about the state’s life science industry, including information on economic, demographic, investment, and industry performance data can be found in the full report analysis and regional fact sheets. The report also shows that public research funding to life science in organizations in California remains robust, with researchers in the state receiving a total of $6.02 billion in research funding from the National Institutes of Health and the National Science Foundation in 2023.

Policy Perspective

Biocom California Hosts Emerging Technologies Advocacy Fly-In

Biocom California recently held our annual fly-in in Washington, D.C., April 29 through May 1. Members from California, London and Sydney had the opportunity to meet with federal agencies, Members of Congress, and congressional committees. This year, the group was comprised of innovative medical device, artificial intelligence (AI) and diagnostic companies that advocated for policies impacting emerging technologies. Read more about our eighth fly-in here.

R&D Tax Credits and NOL Deductions on the Chopping Block

Gov. Gavin Newsom has yet again proposed suspending the utilization of Net Operating Loss deduction for most companies for three years and capping use of the state’s R&D credit at $5 million for this period. Newsom’s May Revision to the state budget dramatically impacts companies’ abilities to invest in California by essentially raising taxes on businesses by nearly $16 billion over the next three years. Biocom California member CEOs have signed a letter urging preservation of the R&D tax credit and NOL deductions because high-quality research is a proven engine of growth for California’s innovation economy and our local communities. The legislature can alter the governor’s proposals and advance their own initiatives as they continue negotiating a budget bill, which they must pass by midnight on June 15.

University City Plan Update Reaches Major Milestone

Following five years of community meetings, the University Community Plan Update had a public hearing on May 30 at the city’s Planning Commission. Biocom California has been participating in these conversations since their inception—providing input on the evolution and needs of the life science industry, including additional workforce housing and flexibility for labs to be located closer to homes and amenities. Our staff was present to speak in support of the plan as drafted, which received unanimous approval from the commissioners. The plan will dictate land use in the life science hub over the next 30 plus years. The plan now goes to Land Use and Housing Committee and City Council by the end of July..

Biocom California’s Annual Greater LA Life Science Forum

Biocom California is hosting our third annual Greater Los Angeles Life Science Forum on July 18 in West LA. This conference unites local business leaders, industry companies, investors, elected officials and regional decision-makers to delve into the newest developments within the Greater Los Angeles life science sector. Our event will cap off with a networking reception and our Purchasing Group’s Open House and Supplier Showcase. Learn more and register here.

‘Keep Innovation in Berkeley’ Presented to Planning Commission

On May 1, the City of Berkeley Planning Commission heard from Berkeley’s Office of Economic Development on Keep Innovation in Berkeley, a package of zoning changes that would make it easier for life science companies to operate and grow in Berkeley. The hearing was a chance for the commission to review the plan, ask questions and give feedback. Biocom California has been working with the city to develop this set of policy changes over the past few years and we again spoke in favor of it at the hearing. Staff will tentatively be back at the Planning Commission to hold a public hearing on July 17.

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