Biotechs Are Booming

BioNJ helps advance the life sciences industry.

By Debbie Hart, President and CEO of BioNJ On Jun 13, 2016

As the “Medicine Chest of the World,” New Jersey’s life sciences industry is a national leader. This is based on its size and its diverse business concentrations. In fact, the industry’s share of the economy is 86 percent higher than the national average, with the annual economic impact estimated to be $30.1 billion in the state.

New Jersey’s life sciences ecosystem boasts a full complement of large and small biopharmaceutical companies, universities, research institutions and service providers working together to make meaningful advances in healthcare. Life sciences companies continue to bring high-paying jobs to New Jersey.  They attract a talented workforce, contribute significantly to the local tax base and are actively engaged in their communities. Overall, the sector totals 212,500 direct and indirect jobs. The industry’s footprint makes its mark throughout the state, with over 3,100 establishments ranging from research and development facilities to headquarters with general, legal and administrative personnel, to manufacturing and distribution.

The number of drug approvals coming from New Jersey is second to none with more than 50 percent of all new FDA drug approvals in 2015 coming from companies with a footprint in the Garden State, making New Jersey the undisputed drug development and commercialization capital of the world – with an unparalleled talent pool.

As New Jersey’s life sciences community continues to grow, BioNJ works to advance the industry through programs and resources that will encourage entrepreneurship and support its members in their work to provide patients with access to the drugs and therapies they need. BioNJ’s work is intended to support all facets of the ecosystem via services focused in four areas: public policy, education and networking, cost-saving services and workforce development.

Our network of more than 400 members representing New Jersey’s research-based life sciences companies and stakeholders, as well as academia and service providers, is committed to the growth and prosperity of New Jersey’s vibrant life sciences ecosystem where, as BioNJ envisions: Science is Supported, Companies are Created, Drugs are Developed and Patients are Paramount.

Recent highlights are as follows:

As the official New Jersey affiliate of the Biotechnology Innovation Organization, BioNJ participated in BIO’s Legislative Fly-In on April 12-13 in Washington, D.C., during which 11 BioNJ members met with Senators Mendendez and Booker, as well as nine members and key staffers from New Jersey’s Congressional Delegation to discuss, among other things, concerns about proposed changes to Medicare Part B that would limit patient access to important oncology and other treatments. This year’s Fly-In was particularly well-timed for New Jersey as it took place during “New Jersey Life Sciences Week,” as declared via proclamation by Governor Chris Christie.

BioNJ will host its first Patient Summit this Fall. With a planning committee that includes representation from organizations such as the American Diabetes Association, Leukemia & Lymphoma Society, Celgene, Pfizer, Amicus Therapeutics, Advaxis, Novartis, Rasopathies Network, PTC Therapeutics, Family Resource Network, National Alliance on Mental Illness and the Center for Medicine in the Public Interest, the goal of the Summit is to “Educate, Empower and Engage” patients and patient advocates.

Since entrepreneurship is a critical component to long-term growth, the BioNJ Entrepreneurship Advisory Committee conducted a survey of entrepreneurs in New Jersey to assess the current landscape for entrepreneurial innovation. The findings were published in a white paper, titled “Fueling Entrepreneurship,” which makes recommendations including the creation of a portfolio of seed capital and venture funds in New Jersey, the development of an “eLab”(Entrepreneurial Lab) training program in higher education to promote technology commercialization, and creating a guide for incubators, accelerators and specialty real estate.

BioNJ has the honor to work hard every day, supporting its members, advocating for policy and cultivating a dynamic atmosphere, which encourages a robust exchange of ideas and information in order to advance the state of healthcare worldwide – Because Patients Can’t Wait^SM.

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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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