BioNJ Helps Biotechs Grow in the Garden State 

On May 27, 2015

BioNJ

Debbie Hart, President and CEO

Whitehorse Executive Center

1255 Whitehorse-Mercerville Road

Building B – Suite 514

Trenton, NJ 08619

609-890-3185

www.bionj.org

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The biotechnology industry in New Jersey continues to make significant strides and remains at the forefront of innovation. As reported in BioNJ’s industry study “Life Sciences in New Jersey,” in September 2014, there were 379 biotechnology companies operating in the state, up from 340 in 2012, representing an increase of 12 percent. New Jersey is presently ranked as the third largest biotech cluster in the country. This growth comes from new companies starting in New Jersey, companies relocating from other states and foreign-based companies establishing their US operations here.

Representing an industry that is changing the course of human health, making our environment cleaner and the foods we eat safer and healthier, BioNJ, a powerful network of members representing research-based life sciences companies and stakeholders, is committed to the growth and prosperity of New Jersey’s vibrant life sciences ecosystem where science is supported, companies are created, drugs are developed and patients are paramount.

Because “Patients Can’t Wait,” BioNJ is proud to have played a leading role in introducing landscape-altering public policies, connecting biotechnology companies with a ro­bust consortium of service providers, bringing the community together to foster collaboration and learning and supporting the development of the most talented workforce in the world.

As a testament to New Jersey’s dynamic life sciences ecosystem, in 2014 there were 41 FDA drug and 37 medical device approvals, with more than 40 percent coming from companies with a footprint in New Jersey.

Biotechnology companies continue to bring high-paying jobs to communities across New Jersey. They attract a talented workforce, contribute significantly to the local tax base and are actively engaged in their communities. As reported by the Rutgers University Bloustein School in the BioNJ Industry Study, the life sciences industry directly employs 66,451 people in New Jersey, and indirectly supports 146,105 additional jobs through its total expenditures of $30.1 billion, for a total of 212,556 jobs.

New Jersey continues to offer many incentives to attract new biotechnology companies to the state, including boasting the highest concentration of scientists in the world who offer unrivaled experience, talent and dedication to the discovery of new innovative compounds and products. Additionally, New Jersey offers tax credit programs and grants to draw biotechnology companies to the state, such as the Technology Business Tax Certificate Transfer Program that allows startup and early-state companies to sell their net operating losses for cash to fund research and operations, as well as a 100 percent R&D tax credit and an Angel Investor Tax Credit to investors from both in and out of the state.

From historical labs like those of Johnson & Johnson in New Brunswick, to the revolutionary discoveries being developed at Celgene in Summit, New Jersey companies have created a legacy of unmatched innovation and achievement in both the treatment and prevention of disease.

Meanwhile, BioNJ works hard every day, supporting our members, advocating for policy and providing a dynamic atmosphere which encourages a robust exchange of ideas and information in order to advance the state of healthcare worldwide.

 

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