Family Title Loans Provides Economic Update On La Jolla, CA, And Its Pharmaceutical Industry
La Jolla title loans provider, Family Title Loans, is highlighting the recent acquisition of La Jolla Pharmaceutical Company by Innoviva.
La Jolla Pharmaceutical Company’s lead product is GIAPREZA, a drug approved by the FDA in 2017 to increase blood pressure in adults with septic or other distributive shocks. The company also found success with XERAVA, a drug approved in August 2018 for the treatment of complicated intra-abdominal infections in patients 18 years or older. Innoviva said that it aims to strengthen its portfolio in infectious diseases with the acquisition.
La Jolla is a coastal San Diego neighborhood known for its prestigious educational institutes and high-tech industries. San Diego has a thriving biotech ecosystem that is the third largest of its kind in the nation behind Boston and the Bay area. The San Diego biotech industry has grown five times faster than the local economy since 2000 and has added more than 85,000 jobs over the last two decades. The city is home to 16% of California’s 3,100 biotech and pharmaceutical companies.
The growth of the biotech industry in San Diego is a result of participation between public and private institutions that cross breeds personnel and intellectual property. For example, La Jolla boasts the Salk Institute (named after the visionary scientist who discovered the polio vaccine) and Scripps Research Institute, two biomedical research institutes of world renown.
The foresight of San Diego community leaders has also contributed to the region’s progress. Back in the 1940s, the city of San Diego explicitly zoned Torrey Pines Mesa for research, development, and light industry leading to its current status as one of the country’s most prominent biotech hubs. With the current announcement that La Jolla Pharmaceutical Company is being acquired, San Diego’s dominance in the biotech industry doesn’t seem likely to diminish any time soon.
A representative for Family Title Loans put out a statement saying that this is a positive development for La Jolla. La Jolla residents who want to find out more about Family Title Loans can head over to its website at: http://familytitleloans.org/location/la-jolla-ca/.
La Jolla, which is already one of the most affluent neighborhoods in San Diego, will undoubtedly benefit from the investment. The acquisition will serve as encouragement for entrepreneurs in the area to start their own companies. La Jolla residents are very highly educated with more than 40% of them having a master’s degree or higher. In the rest of the country’s population, this statistic is just 13%. With a population under 30,000, the median household income in La Jolla is $147,467 with 45% of households making more than $150K. The medium household income of the residents of La Jolla is almost twice that of their counterparts in San Diego.
However, despite a positive economic outlook and record low unemployment, not everyone has benefited from the winds of progress that have swept over San Diego in the last few decades. Case in point, parts of La Jolla have a Gini index of more than 0.5, compared to 0.49 for the rest of the country. The Gini index is a number between 0 and 1 that measures how unevenly incomes are distributed.
As a local La Jolla financial services provider, Family Title Loans has an up close and personal view of the difficulties that the less fortunate residents of the biotech hub are facing as they try to adjust to the new economy. The company’s boots on the ground share stories of people struggling to make ends meet due to unexpected expenses such as car repairs, home repairs, or medical bills. Family Title Loans helps those who are in a bind get their finances sorted by providing custom financial products and services delivered in as little as one business day. Applicants can reach out to the company via phone, online, or visit its La Jolla office.
For more information about FTL La Jolla, contact the company here:
FTL La Jolla
La Jolla, CA