BioNJ Industry Study Looks Beyond Biotechnology Sector, Finding Contributions and Needs of Life Sciences Industry in New Jersey

On Sep 22, 2014

Recognizing the continuing evolution of New Jersey’s life sciences industry, BioNJ today released a comprehensive report that documents the ongoing growth of the biotechnology sector in the State and combines and assesses the contributions of the entirety of the life sciences sector to New Jersey’s economy, including employment and economic impact.

BioNJ conducted the study in partnership with EY (formerly known as Ernst & Young) the Edward J. Bloustein School of Planning and Public Policy (Bloustein School) and the New Jersey Department of Labor and Workforce Development’s (LWD) Office of Research and Information. To access the study go to: http://www.bionj.org/wp-content/uploads/2014/09/Industry-Study-9-19-14-Final-Final.pdf.

“With this year’s review of the State of New Jersey’s life sciences industry, BioNJ expands on its remit of prior years by assessing the three major sectors that make up New Jersey’s life sciences innovation cluster — biotechnology, pharmaceuticals, and medical devices — to help provide a perspective that is deeper and richer than those provided in any previous study on the New Jersey life sciences industry,” said Debbie Hart, President and CEO of BioNJ.

Significant findings from the study, “Life Sciences in New Jersey: Looking Beyond Biotech,” include:

• Annual expenditures by the New Jersey life sciences industry are estimated at $30.1 billion.
• As of September 15, 2014, the number of biotechnology companies operating in the State increased to 379 from the 340 reported in the 2012 EY (formerly Ernst and Young), BioNJ report, representing an increase of 12 percent.
• The life sciences industry directly employs 66,451 people in New Jersey and indirectly supports 146,105 additional jobs through its total expenditures for a total of 212,556 jobs.
• Despite the financial headwinds of recent years, New Jersey’s biotech companies overwhelmingly planned to hire more employees in 2014.

“This report confirms what many in New Jersey already know: our life sciences industry is a huge factor for economic growth in the state,” said Lt. Governor Guadagno. “New Jersey continues to attract and retain companies in this critical industry, with a significant increase in our biotechnology sector over the past two years. We are committed to the continued development of a robust business climate in New Jersey and to providing a welcoming home for the industries that will lead our state into the future.”

Francois Nader M.D., the President and CEO of NPS Pharma and Chairman of the BioNJ Board of Trustees noted that this new perspective is very useful, because it provides the full breadth and depth of the life sciences industry in New Jersey compared to the metropolitan statistical area (MSA) designation reports that divide the state into two by combining the northern portion of the State with New York and the central and southern portions with the Delaware Valley region.

“This report is important because it demonstrates that New Jersey’s life sciences industry is a distinct, well-defined and vibrant ecosystem,” said Dr. Nader.

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