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BIO/TEConomy’s Report Confirms NJ’s Continued National Industry Leadership

New Jersey is being touted as a national biotech leader at the BIO Digital International Convention taking place this week. Released earlier today, BIO/TEConomy’s report, “The Bioscience Economy: Propelling Life-Saving Treatments, Supporting State & Local Communities,” analyzes the bioscience industry’s economic footprint across the nation. The study details each of the biosciences subsectors including, biotechnology, pharmaceuticals, health care technology systems, agriculture and therapeutic devices.

In the report, New Jersey was cited amongst the national leaders in the biosciences in its size, specialized concentration of employment, and diversity of strengths. New Jersey has a high degree of industry specialization with 83% greater concentration of bioscience industry employment relative to the nation (location quotient is 1.83). Further, the state stands out in its breadth of industry strengths with a specialized employment concentration in four of the five industry subsectors, a distinction that is shared only with Puerto Rico.

New Jersey is in the top tier of states in the innovation activities of inventors, who have been awarded 7,374 patents during the 2016-19 period in bioscience-related technology classes. Venture capital investments have steadily risen in recent years and totaled $2.29 billion from 2016 through 2019.

“We couldn’t be more proud of New Jersey’s continued national leadership in the biosciences industry and in the medical innovation it brings to patients around the world,” said BioNJ president and CEO Debbie Hart.

“New Jersey’s life sciences sector has been a strong contributor to the state and national economies for generations. Under Gov. Phil Murphy’s leadership, the New Jersey Economic Development Authority (NJEDA) is developing unique approaches to further advance our thriving R&D ecosystem and drive investment in innovative companies in all stages of growth,” said Tim Sullivan, NJEDA CEO.

“Our state offers companies a highly educated workforce, incubators and lab space, collaboration opportunities with world-class research universities and biopharmaceutical companies and an environment that supports them at every stage of their growth, said Jose Lozano, president and CEO of Choose New Jersey.”

“The fact that more than 50% of all novel FDA approvals came from companies with a footprint in New Jersey in 2019 and the cutting-edge work that our companies are doing in the area of cell and gene therapy and COVID-19 — New Jersey is home to the first ever FDA CAR T approval and the first saliva collection method approval for COVID-19 by Rutgers University — is a further testament to the strength of the Garden State’s biosciences ecosystem,” added Hart.

“Yet we still have much work ahead of us to attract needed NIH funding and investment. In particular, during these uncertain times, the tireless work being done by New Jersey’s biosciences industry to bring forward antiviral therapies and vaccines to combat COVID-19 further demonstrates the importance of greater investment in medical innovation to ensure future cures and therapies,” said Hart.

“The bioscience industry’s economic footprint reaches into so many local communities across the country. From capital investments to research & development, this report shows the impact of the biosciences across the nation’s innovation ecosystem. The bioscience industry is critically important to New Jersey and we are proud to work closely with partners like BioNJ to help ensure the future of the industry and its role as an economic driver in the region,” said Pete Pellerito, BIO Senior Policy Adviser for Federal and State Economic Development and Technology Transfer Initiatives.

“Because Patients Can’t Wait, we thank all of our Members and New Jersey’s biosciences community for your unwavering work… making a difference for Patients everywhere,” said Hart.

Click here to view New Jersey’s State profile.

Click here to view the full report.

To access more business news, visit NJB News Now.

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