Biotech has $22 billion annual economic impact, according to report released today

SAN DIEGO - The biotech business has a $22 billion annual economic impact on San Diego County, according to a report released today by an industry trade group.

Biotech employs 42,000 San Diegans, who are paid $4 billion collectively. The industry, in turn, creates economic activity involving people in accounting, insurance, legal services, finance, real estate and administration, according to the 2012 Southern California Economic Impact Report from BIOCOMM.

The report said the number of area biotech jobs has increased by 5,500 in the last two years and is expected to climb to nearly 45,000 nex...