New Jersey long has been known as the “Medicine Chest of the World” and a global innovation hub – not only for its high concentration of life sciences companies, but also for their historic commitment to research-driven medical innovation and improving global human health.
Sustaining this leadership position, however, is demanding, as the life sciences community navigates an evolving global marketplace, scientific and technological advancements, policy challenges and mounting competition from other states and nations for industry investment.
The HealthCare Institute of New Jersey’s (HINJ) mission is to help maintain the state’s leadership position in the global marketplace.
Serving as a unified voice for the state’s life sciences community, HINJ works to expand patient access to the most innovative biopharmaceuticals and medical technologies and devices, and to promote awareness of the industry’s significant impact on New Jersey’s quality of life and economic well-being.
HINJ serves its 27 member companies by educating decision-makers – in Trenton and Washington, DC – on how proposals could impact medical innovation, patient access to those innovations and the state’s economy.
That economic impact is compelling. The biopharmaceutical sector alone generated an aggregate $108.7-billion economic output, direct and indirect, in New Jersey in 2014, making it No. 2 in the nation behind California.
An estimated 425,867 New Jersey jobs are, directly or indirectly, supported by the biopharmaceutical and medical device sectors.
Impressively, an estimated 908,034 New Jerseyans – more than 1 in 10 – are economically associated with the biopharmaceutical or medical device sectors.
A vital part of HINJ’s work is emphasizing the often-overlooked value of medical innovation. In addition to improving and saving lives, the fruits of medical innovation include the dramatic financial savings associated with avoided medical expenses and increased economic productivity for patients, their families, insurers, employers, governments and hospitals.
HINJ’s current policy portfolio includes many issues. At the state level, HINJ primarily is focused on legislative and regulatory proposals that impact health policy, the business climate and New Jersey’s innovation ecosystem.
At the federal level, HINJ currently is focused on highlighting the value of medical innovation, the prospective repeal and replacement of the Affordable Care Act, medication prices, drug importation, permanent repeal of the medical device excise tax, Medicare reimbursement, intellectual property protection and Food and Drug Administration user fee renewals.
HINJ provides its member companies with a direct voice in these efforts through a broad range of programming across New Jersey as well as on Capitol Hill.
HINJ also provides its member companies access to: policy guidance; industry news, research and analysis; national and peer state trade associations; academia and other innovation and technology thought leaders; the patient advocacy community; local business leaders; and the organized labor community.
HINJ’s ongoing goal remains to nurture the virtuous cycle of better health, longer life and economic benefit resulting from life sciences innovation.
We all will be the better for it.
HealthCare Institute of New Jersey
Dean J. Paranicas
President and CEO
120 Albany Street #550
New Brunswick, NJ 08901