OCTANe: SoCal Leads in Job Creation and Med Tech Jobs

According to U.S. Dept. of Commerce data compiled by OCTANe, an Aliso Viejo CA-based organization, Southern California in recent years provided the highest level of job growth in the medical device secttor.

Bill Carpou, OCTANe’s president and CEO, presented the statistics during his welcome address at the Medical Technology Innovation Forum. Los Angeles, Orange County, San Diego employed 33,820 people, outpacing other medtech hotbeds such as New York, Northern California, Minneapolis, and Boston:

  • Southern California : 33,820
  • New York: 18,130
  • Boston: 15,204
  • Minneapolis: 14,043
  • Northern California : 11,093

In addition to existing jobs, the region also saw positive job creation. The region created 3,839 jobs. By contrast, other regions actually lost jobs. New York dropped over 6,000 jobs, Northern California lost more than 5,000, Boston lost around 3,000, and Minneapolis lost about 1,000, as depicted in the table below:

Medtech job creation for the two-year period ending 2016. [Data from U.S. Department of Commerce, courtesy of OCTANe]

Medtech job creation for the two-year period ending 2016. [Data from U.S. Department of Commerce, courtesy of OCTANe]

OCTANe also found that the SoCal region filed 365 patents, only slightly outpaced by Northern California which saw 437 patent filings.

OCTANe announced its commitment to long-term job creation in Orange County and has pledged to help create a total of 22,000 jobs by 2025. It also plans to fund 506 companies, participate in 39 liquidity events, and infuse $3.6 billion in capital into regional medtech companies.

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Posted on by Gunjan Bagla
Gunjan Bagla
California-based management consultant Gunjan Bagla runs Amritt, a consulting firm helping American companies to succeed in India. Amritt is the trusted advisor for India market research, India business development, India market entry, Global Engineering, Global Technology Scouting, India R&D and Open Innovation. Gunjan is author of "Business in 21st Century India: How to Profit Today from Tomorrow’s Most Exciting Market" (Hachette Book Group, 2008), Amazon's top rated title on the subject. He has appeared as the India Expert on BBC Television, Bloomberg TV, Fox Cable Business and has been quoted in the New York Times, the Los Angeles Times, the Hollywood Reporter and Business Week for his expertise on India.

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