The Economic Impact of Precision Medicine in California
As envisioned by the National Academy of Sciences, precision medicine aims to use advanced computing tools to aggregate, integrate, and analyze vast amounts of data from research, clinical, personal, environmental, and population health settings, to better understand health and disease, and to develop and deliver more precise diagnostics, therapeutics, and prevention measures.1 Part medicine, part data science, the approach is being applied to a rapidly expanding number of medicine fields and is poised to usher in a new era of medicine and preventative care. Its importance is also being recognized by policymakers, and in 2015, President Barack Obama and California Governor Jerry Brown each announced the launch of precision medicine initiatives.
In addition to reimagining how medicine is used to save lives, precision medicine also holds promise for the economy. Just like the aerospace2, high-tech3, and life science4 clusters have propelled California’s economy and created tens of thousands of high-paying jobs, precision medicine is positioned to expand dramatically. Existing industry clusters in the state along with first class research facilities and higher learning institutions make California a fertile place for precision medicine to thrive.
California’s precision medicine industry is already adding significant value to the state’s economy. In total, precision medicine is responsible for the annual employment of 99,000 individuals and $30.8 billion in economic activity in the state of California.