Fifteen local companies took part in a survey about the state of their businesses. With that data, students calculated an initial Business Confidence Index for San Diego’s biotech and medical device sector. Its initial reading is 74.44 — midway between neutral and the highest score possible.
Several measurements, including companies’ plans to hire, and forecasts for revenue and profits, go into the index.
The industry seems to be in hiring mood, with 73% of respondents planning to increase staff within the next six months.
No one expects revenue to decrease. Some 60% of respondents said they expect revenue to stay the same and 40% predict an increase. Profits are expected to rise at 33% of businesses, while at the remaining 67%, profits are expected to stay the same.
Some 40% of those answering the survey said their R&D budgets had increased in the previous 12 months.
Biotech Ranking Introduced in 2021