The “unique partnership” between RWJ Barnabas Health, the Rutgers Robert Wood Johnson Medical School and the New Jersey Medical School is still in negotiations, said Barry Ostrowsky, the CEO of the $5.4 billion, 11-hospital network.
An announcement detailing the arrangement is planned before the end of the year, and a launch by July 1, he said.
But the bottom line is the hospitals and the medical schools intend to use the money to lure high-profile researchers from other institutions and boost the amount of funding the university receives from the National Institutes of Health.
They also expect to recruit more medical students to train in these hospitals, and put pioneering research into practice.
New Jersey residents will have a lot to like about this partnership, said Brian Strom, chancellor for Rutgers Biomedical and Health Sciences, which includes the two medical schools.
“In addition to bringing to New Jersey a lot more clinical trials, they will get the experimental therapies here,” said Strom, a physician. “It's good for patients and good for industry.”
New Jersey's reputation as the nation's “medicine chest” has diminished in recent years as some pharmaceutical companies have moved or expanded their footprint into other states.
Strom predicted the partnership with build upon New Jersey's “intellectual environment” and keep companies in the Garden State.
“The potential here is unbelievable,” Strom added.
For Livio’s full story, click here.