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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
11.4%State-Local Tax Burden as % State Income 8.84%State Corporate Tax Rate 11.17¢ per Kilowatt/hourAverage industrial price of electricity 63,307Medtech Employees, 2013 74,755Science/Engineering Grad Students, 2012 $1.01 BillionMedtech VC Funding, 2013 10,061Medical Device Patents, 2009-2013 |
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10.3%State-Local Tax Burden as % State Income 8%State Corporate Tax Rate 13.09¢ per Kilowatt/hourAverage industrial price of electricity 14,719 Medtech Employees, 2013 32,418Science/Engineering Grad Students, 2012 $338 MillionMedtech VC Funding, 2013 2481Medical Device Patents, 2009-2013 |
10.7%State-Local Tax Burden as % State Income 9.8%State Corporate Tax Rate 7.06¢ per Kilowatt/hourAverage industrial price of electricity 28,141 Medtech Employees, 2013 13,860Science/Engineering Grad Students, 2012 $165 MillionMedtech VC Funding, 2013 4269Medical Device Patents, 2009-2013 |
9.5%State-Local Tax Burden as % State Income 6.5%State Corporate Tax Rate 6.59¢ per Kilowatt/hourAverage industrial price of electricity 17,956 Medtech Employees, 2013 13,089Science/Engineering Grad Students, 2012 Not availableMedtech VC Funding, 2013 1219Medical Device Patents, 2009-2013 |
7.5%State-Local Tax Burden as % State Income No Broad Base State Income Tax 5.93¢ per Kilowatt/hourAverage industrial price of electricity 13,967Medtech Employees, 2013 46,155Science/Engineering Grad Students, 2012 $45 MillionMedtech VC Funding, 2013 1137Medical Device Patents, 2009-2013 |
9.4%State-Local Tax Burden as % State Income No State Corporate Income Tax 4.22¢ per Kilowatt/hourAverage industrial price of electricity 7143Medtech Employees, 2013 9865Science/Engineering Grad Students, 2012 $28 MillionMedtech VC Funding, 2013 864Medical Device Patents, 2009-2013 |
9.2%State-Local Tax Burden as % State Income 5.5%State Corporate Tax Rate 7.68¢ per Kilowatt/hourAverage industrial price of electricity 21,855Medtech Employees, 2013 24,953Science/Engineering Grad Students, 2012 $53 MillionMedtech VC Funding, 2013 1439Medical Device Patents, 2009-2013 |
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.
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Chris Newmarker is senior editor of Qmed and MPMN. Follow him on Twitter at @newmarker.
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