Commissioned by the $3 billion state stem cell agency, the report comes as the program is hitting a difficult financial patch. Known officially as the California Institute for Regenerative Medicine (CIRM), the agency expects to run out of money for new awards by end of this month. CIRM is hoping that voters will refinance it with $5.5 billion via a ballot initiative in November 2020.
“The state’s investment in (the agency) has paid handsome dividends in terms of output, employment and tax revenues for California."
|Adam Rose, USC photo|
|Dan Wei, USC photo|
- "$10.7 billion of additional gross output (sales revenue)
- "$641.3 million of additional state/local tax revenues
- "$726.6 million of additional federal tax revenues
- "56,549 additional full-time equivalent jobs, half of which offer salaries considerably higher than the state average."
"I think one of the greatest strengths of CIRM has been their focus on development of new stem cell therapies that can become real medicines."
"...CIRM's past and current funding will attract increasing amounts of industry investment and lead to additional spending injections into the California economic in the years to come."