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Comparing California to Other Medtech Hubs
Chris Newmarker
January 6, 2015
3 Min Read
.svg?width=850&auto=webp&quality=95&format=jpg&disable=upscale "Comparing California to Other Medtech Hubs")
California may have a high cost-of-doing business--including high taxes--but such costs also help pay for a great quality of life and educated workforce. And don't even start on the access to venture capital.
When we asked our audience if the high costs of doing business was worth it for medical device firms. The answer? A resounding 'maybe,' as the bar graph below shows:
How the Top Medtech States Stack Up
California |
|
| COSTS11.4% 8.84% 11.17¢ per Kilowatt/hour
|
Massachusetts |
|
| COSTS10.3% 8% 13.09¢ per Kilowatt/hour WHAT YOU GET14,719 32,418 $338 Million 2481 |
Minnesota |
|
| COSTS10.7% 9.8% 7.06¢ per Kilowatt/hour
WHAT YOU GET28,141 13,860 $165 Million 4269 |
Indiana |
|
| COSTS9.5% 6.5% 6.59¢ per Kilowatt/hour
WHAT YOU GET17,956 13,089 Not available 1219 |
Texas |
|
| COSTS7.5% No Broad Base State Income Tax 5.93¢ per Kilowatt/hour
WHAT YOU GET13,967 46,155 $45 Million 1137 |
Washington |
|
| COSTS9.4% No State Corporate Income Tax 4.22¢ per Kilowatt/hour
WHAT YOU GET7143 9865 $28 Million 864 |
Florida |
|
| COSTS9.2% 5.5% 7.68¢ per Kilowatt/hour
WHAT YOU GET21,855 24,953 $53 Million 1439 |
Data Sources: Tax burden as percentage of state income from the Tax Foundation. Corporate income tax rates, industrial electricity prices, medtech worker and patent numbers compiled by Minnesota Department of Employment and Economic Development. Venture capital numbers from the MoneyTree Report, compiled by Thomson Reuters for PricewaterhouseCoopers and the National Venture Capital Association. Graduate student numbers (including both graduate students and postdoctoral appointees) from National Science Foundation.
Create your free online surveys with SurveyMonkey , the world's leading questionnaire tool.
Refresh your medical device industry knowledge at MD&M West, in Anaheim, CA, February 10-12, 2015. |
Chris Newmarker is senior editor of Qmed and MPMN. Follow him on Twitter at @newmarker.
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