The dramatic shift to remote work that we’ve experienced over the past three years has had a profound and transformative impact on the Bay Area, our cities and our economy. Office buildings in business districts sit empty or partially empty. Downtown streets that once bustled are eerily quiet. And the jobs and tax revenue generated by businesses big and small is shrinking.
The change is forcing us now to reimagine these spaces, to adopt new economic development and recruitment strategies, and eye new and diverse uses and industries for the future. As this important work is going on, it’s important to remember that the Bay Area is already home to a thriving and growing industry that can help lead us forward and blunt the severe effects of remote work on our city centers, business districts and government coffers.
The life-sciences industry has long been a stalwart of the Bay Area economy, even if it’s been sometimes overshadowed by its peers in other tech sectors. As we look for ways to compete economically and make our economy more resilient, it’s time to double down on our embrace of life sciences. Companies like Gilead offer a great example of the long-term commitment many of these companies make to the communities where they operate.
A report last year by the Bay Area Council Economic Institute highlighted the immense potential of companies such as Gilead to help grow the Bay Area economy, create a wide range of jobs and attract investment. The report found that Gilead contributes $22 billion to the regional economy through the almost 15,000 jobs it supports and the direct and indirect contributions from the $2.6 billion it spends annually across the region. And the $14.2 billion Gilead contributed to the Bay Area’s gross regional product in 2020 (the latest year for which data was available) represented an explosive 63% increase since 2015.
What makes life-
sciences companies such as Gilead so attractive in our evolving economy is the degree to which they rely on in-person work to succeed. While other tech sectors can operate remotely, manipulating genetic material, handling beakers and pipettes, and developing, testing and manufacturing pharmaceuticals and other biotech products requires workers to be physically present. While we need to plan for a future where fewer workers are coming into offices, that doesn’t mean we can’t also be working to maximize industries like life sciences that will always need robust in-person workforces.
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Gilead is not alone as a leader in the Bay Area. Companies such as Genentech in South San Francisco and Bayer in Berkeley are also investing and growing. We know this can work. Much of San Francisco’s Mission Bay has been built around the life-sciences industry, along with the science and research and development that pours from UC San Francisco. They are magnets for investment and a fountainhead for startups. The gravity that’s been created around this industry means we don’t have to start from scratch in developing a new economic development strategy.
These companies, through longterm development agreements, are also important contributors to the communities where they operate, supporting local schools, nonprofits and other activities and programs that benefit thousands of residents.
As we make the pivot to a new post-
pandemic economy, the life-sciences
industry and companies such as Gilead can serve as an important bridge to supporting and growing our economy and our communities. We should be doing everything in our power to enable the growth and expansion of this important industry in the Bay Area.
