01/25/2006 - New Jersey Named One of the World's Top Five Growth Markets for Biotechnology
Trenton, N.J. (January 25, 2006) - The state of New Jersey has been named one of the five major geographic growth areas for biotechnology in the world, according to a special report published by FierceBiotech, an internationally recognized email newsletter for the biotechnology industry. The report profiles the top five regions in the United States and abroad that have shown the most promise and commitment to investing in the biotech sector.
FierceBiotech evaluated dozens of domestic and international initiatives to identify the five regions that are best positioned as hotbeds of biotech innovation. Along with New Jersey, the other four regions are California, Maryland's I-270 Tech Corridor, Singapore Biopolis and Wisconsin.
"New Jersey is truly the perfect location for emerging companies and research initiatives, as the growing number of biotech companies located here have already realized," said Debbie Hart, president of Biotechnology Council of New Jersey (BCNJ). "With strong and creative government backing and support, close proximity to some of the nation's finest educational and research institutions, and access to the world's top pharmaceutical companies, New Jersey is poised to realize its full potential as an important location for biotechnology and life sciences on the world's stage. This recognition is evidence of that potential."
According to BCNJ, the number of New Jersey biotechnology companies grew from 80 in 1998 to 124 when last officially measured in 2003. A study currently being conducted by BCNJ in partnership with Ernst & Young is expected to demonstrate dramatic new growth since the last study, continued Hart.
In addition to being a biotechnology hub, New Jersey is also home to 15 of the world's 20 largest biotech and pharmaceutical companies. In fact, more than half of all new medicines approved in the country are developed by New Jersey companies, and with more than 200,000 employees working in the combined biotechnology and pharmaceutical industry, New Jersey offers more scientists, engineers and technicians per capita than any other state.
"This is great news for New Jersey," said Commerce Secretary Virginia Bauer. "Being named one of the five 'hot areas' for biotech clearly demonstrates that New Jersey continues to be a dominant force in technological competitiveness. This continued growth is vital to sustaining our competitive advantage and the state's larger overall economic prosperity."
First Special Report on Top Biotech Locations from FierceBiotech
Attracting biotech companies is a top goal for economic development initiatives worldwide, but those efforts vary widely in terms of key criteria, such as access to public and private funding, regulatory environment, facilities, infrastructure and quality of workforce. The FierceBiotech report provides a concise, actionable summary of each of the five top regions, which belong on every biotech company's short list for expansion and relocation.
"Everybody knows that Boston, San Diego, San Francisco and Seattle are the big U.S. biotech clusters, but which areas are next?" said John Carroll, editor of FierceBiotech. "We attempt to answer that question by identifying and profiling five areas that have the right mix of funding, facilities and freedom to be home to the next big biotech clusters."
The Biotechnology Council of New Jersey was founded in 1994 by New Jersey biotechnology industry CEOs to serve as the voice of the biotechnology industry in New Jersey. With more than 150 member companies, BCNJ is single-minded in its commitment to the growth and prosperity of New Jersey's rapidly expanding biotechnology cluster. For more information, visit the BCNJ Web site at biotechnj.org.
FierceBiotech, an internationally recognized email newsletter for the biotech industry, provides more than 35,000 executives a must-read briefing on the day's top stories in the biotech and pharmaceutical industries. Visit http://www.fiercebiotech.com for additional information.