The California Institute for Regenerative Medicine has released an independently produced economic impact study measuring the stem cell agency’s financial impact on the state.
The study, conducted by Emeryville-based global consulting firm Berkley Research Group, found that the first $1.5 billion in committed grants is generating $286 million in new tax revenue in California through 2014. About $205 million will flow to the state and $81 million to local governments.
The study found that the same awards will generate an estimated $530 million in tax revenue for the federal government.
“CIRM’s commitment to the voters of California is twofold: to accelerate the development of new therapies for a range of serious conditions, and to give a boost to the state’s economy,” said Jonathan Thomas, chair of the governing board of CIRM in a statement. “This report shows we have delivered for the economy. For patients, we have a significant portfolio of projects that have fostered clinical trials already or expect clinical trials to begin within a year or two. Those projects show the great potential for delivering on our commitment to therapies as well the economy.”
The CIRM was established by the state government in 2004 with the passage of the California Stem Cell Research and Cures Act. The statewide ballot measure provided $3 billion in funding for stem cell research at California universities and research institutions.
—SDBJ Staff Report