The report was released at an event co-hosted by PhRMA, the HealthCare Institute of New Jersey (HINJ) and We Work for Health New Jersey (WWFH-NJ) that was held at the Rutgers Cancer Institute of New Jersey.
In addition to a presentation of the new PhRMA report, the event featured a panel discussion of industry experts that was moderated by HINJ President and Chief Executive Officer Dean J. Paranicas. The panelists were:
- Emma Van Hook, Director, Policy & Research, PhRMA
- Michele Sharr, Director, Oncology/Hematology, Celgene Corporation
- Shridar Ganesan, M.D., Ph.D., Associate Director for Translational Science and Chief, Molecular Oncology, Rutgers Cancer Institute of New Jersey
- Dorinda “Dee” Sparacio, Patient & Patient Advocate
Key ‘Backyard’ Findings
Key findings in the new “Research in Your Backyard” report include:
- Since 2004, research-driven biopharmaceutical companies are conducting or have conducted 4,967 clinical trials of new medicines in New Jersey in collaboration with clinical research centers and hospitals.
- There are 675 open clinical trials.
- In 2013 alone, 25,127 state residents participated in 1,234 then-current clinical trials, according to a separate study by Battelle Technology Partnership Practice.
- The investment of these 2013 site-based clinical trials was more than $245 million and the estimated economic impact was more than $617 million, according to the Battelle report.
- The New Jersey clinical trials focused on new, innovative medicines and therapies for diseases and disorders relating to allergies, Alzheimer’s, arthritis/musculoskeletal, autoimmunity, bladder, blood, cancer, cardiovasculature system, diabetes, eye, gastrointestinal/esophageal system, genetic, infectious diseases, kidney, liver, mental health, neurology, respiratory system, skin, transplants and other.
- The number-one focus of the 2013 clinical trials was cancer — New Jersey hosted 314 trials in oncology.
- A study by TEConomy Partners found that in 2014, the biopharmaceutical industry supported more than 378,000 jobs throughout New Jersey.
- That study also found that wages and benefits for employees whose jobs were supported by the biopharmaceutical sector resulted in more than $6.5 billion in federal taxation and $799.9 million in state taxes.
- Biopharmaceutical research companies in 2014 supported the generation of $108.7 billion in economic activity in New Jersey, including the direct economic output of the sector itself, the output of the sector’s vendors and suppliers and the output generated by the buying power of its workforce, according to TEConomy Partners.
‘Clinical Trials Are Critical’
Commenting on the new report, Paranicas said, “Clinical trials are absolutely critical for the economic health of our state. Today, New Jersey is home to more than 3,000 life sciences companies, including 13 of the world’s top 20 research- based biopharmaceutical companies that have a headquarters or significant presence in the state.”
“The industry has a long history of collaborating with local academic and health care institutions on cutting-edge research and developing new cures and therapies,” Paranicas continued. “In addition to improving patient care and outcomes, the life sciences continue to be a strong source of support for these institutions and a pillar of the New Jersey economy.”
Clinical trials are a vital component of bringing new life-saving drugs and treatments to market. On average, it takes approximately a decade for new medicines to go through the rigorous Food and Drug Administration (FDA) approval process.
Only 12 percent of drugs successfully make it through clinical trials.
“Clinical trials, a critical part of the research and development process for new medicines, rely on patient participation,” said PhRMA’s Emma Van Hook, who presented the research findings this morning.
“It’s incredibly important that patients are aware of ongoing trials and learn how they can help become part of finding a cure for the toughest diseases we face today,” Van Hook said.
“At New Jersey’s only NCI-designated Comprehensive Cancer Center, Rutgers Cancer Institute of New Jersey researchers work closely with biopharmaceutical partners to advance cancer treatments and provide patients with access to the most advanced clinical trials available,” said Steven K. Libutti, MD, FACS, Director of Rutgers Cancer Institute of New Jersey and Senior Vice President for Oncology Services, RWJBarnabas Health.
“These collaborations,” Dr. Libutti added, “are not only important for patients but, also for the state of New Jersey as we work to keep research and healthcare dollars within our borders.”
To access the full New Jersey report, click here.
To access PhRMA’s “Research in Your Backyard” reports for 30 other states, please click here.
The Pharmaceutical Research and Manufacturers of America (PhRMA)represents the country’s leading innovative biopharmaceutical research companies, which are devoted to discovering and developing medicines that enable patients to live longer, healthier and more productive lives.
Since 2000, PhRMA member companies have invested more than half a trillion dollars in the search for new treatments and cures, including an estimated $58.8 billion in 2015 alone.