Trenton, NJ - BioNJ, the trade association for New Jersey’s life sciences industry, today released “The New Jersey Biopharma Industry: A Prescription for Growth,” a white paper that lays out how the biopharma sector can promote economic growth across New Jersey. The paper offers pragmatic recommendations for growing the industry in the Garden State and for strengthening New Jersey’s competitiveness.
“New Jersey has long been a critical economic engine for the United States, and the biopharmaceutical industry has been an important source of the State’s growth for generations,” said BioNJ President and CEO Debbie Hart. “As one of the top 10 innovation hubs in the world, New Jersey employs over 120,000 highly educated life sciences workers and is the operating base for over 1,000 biopharma companies, with more than 1,000 drugs in development by those companies. In fact, in 2015-2017 alone, New Jersey-headquartered biopharma companies accounted for 29% of the drugs approved by the FDA and extending that to companies with a footprint in New Jersey, the number jumps to nearly 50%.1
“However, the performance of the biopharma industry overall indicates New Jersey could be doing even better,” added Hart. “This report will serve as the basis for BioNJ’s recommendations to Governor-Elect Phil Murphy and to the New Jersey Biotechnology Task Force with the goal to create an environment that helps companies thrive and attracts new start-ups and funding to the Garden State. Developing an environment for growth is crucial for improving New Jersey’s economic health, and the State’s biopharma industry should be central to that strategy.”
The paper puts forth recommendations along four levers:
Known as the “Medicine Chest of the World,” New Jersey has been a major global hub for biopharma for more than a century. Yet, as the report shows, in recent years, the State’s biopharma industry has not kept up with other states. The recommendations highlighted could bring jobs and more businesses that will help energize New Jersey’s economy.
“New Jersey’s life sciences industry has made great strides in recent years,” said Assemblyman Andrew Zwicker. “We have an opportunity to leverage this success and transform New Jersey into a biopharma hub that will be the envy of other states. BioNJ’s white paper, ‘The New Jersey Biopharma Industry: A Prescription for Growth’ offers us a road map to attracting and growing the companies that are revolutionizing medicine and technology.”
“We hope Governor-Elect Phil Murphy and the New Jersey Biotechnology Task Force find the white paper informative and will consider it as a call-to-action,” said Hart. “We look forward to working with the new Administration on these recommendations to grow the State’s economy and ensure that New Jersey continues to be the “Medicine Chest of the World — delivering valuable medical innovation for Patients around the globe.”
“However, the performance of the biopharma industry overall indicates New Jersey could be doing even better,” added Hart. “This report will serve as the basis for BioNJ’s recommendations to Governor-Elect Phil Murphy and to the New Jersey Biotechnology Task Force with the goal to create an environment that helps companies thrive and attracts new start-ups and funding to the Garden State. Developing an environment for growth is crucial for improving New Jersey’s economic health, and the State’s biopharma industry should be central to that strategy.”
The paper puts forth recommendations along four levers:
- Direct government support of the industry, including making existing government programs easier to navigate.
- Promotion of life sciences innovation and investment in the State, including creating and branding a potential “super cluster” of activity.
- Educational and training programs, including linking existing pools of expertise (e.g., drug development and commercialization) to young companies.
- Strengthening New Jersey’s brand, including increased promotion and marketing of the advantages of founding or moving a company to the State.
Known as the “Medicine Chest of the World,” New Jersey has been a major global hub for biopharma for more than a century. Yet, as the report shows, in recent years, the State’s biopharma industry has not kept up with other states. The recommendations highlighted could bring jobs and more businesses that will help energize New Jersey’s economy.
“New Jersey’s life sciences industry has made great strides in recent years,” said Assemblyman Andrew Zwicker. “We have an opportunity to leverage this success and transform New Jersey into a biopharma hub that will be the envy of other states. BioNJ’s white paper, ‘The New Jersey Biopharma Industry: A Prescription for Growth’ offers us a road map to attracting and growing the companies that are revolutionizing medicine and technology.”
“We hope Governor-Elect Phil Murphy and the New Jersey Biotechnology Task Force find the white paper informative and will consider it as a call-to-action,” said Hart. “We look forward to working with the new Administration on these recommendations to grow the State’s economy and ensure that New Jersey continues to be the “Medicine Chest of the World — delivering valuable medical innovation for Patients around the globe.”
