The New Jersey Life Sciences:
A Picture of Health, The New Jersey Biotechnology Industry Survey.
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Visit the New Jersey Life Sciences Cluster Study conducted by the Monitor Group headed by Harvard professor Michael Porter. Click here.
The Heart of The Worlds Pharmaceutical Industry
The importance of the state's pharmaceutical sector extends far beyond its borders. Fully 53 percent of the new medicines approved by the U.S. Food and Drug Administration (FDA) in 2001 were developed by New Jersey's pharmaceutical companies.
Inside the state's borders, the sector includes 75 percent of the world's leading pharmaceutical companies. New Jersey's pharmaceutical sector includes names that have defined the industry throughout the twentieth century — companies like Bristol-Myers Squibb, Johnson & Johnson, Novartis, Pfizer, Wyeth (formerly American Home Products), Novo Nordisk, Merck, and Schering-Plough. Increasingly, it also is home to companies that will help to expand that definition in this century, companies ranging from LifeCell to Pharmacopeia, Celltech Group, and Vyteris.
Each year, the pharmaceutical and related industries contribute some $20 billion to the New Jersey economy. R&D facilities and new laboratories in New Jersey were funded in 2001 to the tune of $2.4 billion, and nearly half the nation's investment in R&D for new medicines — about $15 billion — is committed to New Jersey facilities and researchers.
Routinely, New Jersey accounts for about 24 percent of all private R&D dollars spent in the country. What draws the pharmaceutical industry to New Jersey is a unique combination of human capital, sector-specific infrastructure, and quality of life.
Some 62,000 employees report to work each day at New Jersey's pharmaceutical and medical-technology operations. Per capita, New Jersey has more scientists than any other state and ranks eighth in the United States for educational achievement of individuals 25 years of age and older. Much of that educational attainment can be credited to New Jersey's network of educational institutions.
To develop and nurture the work force demanded by its pharmaceutical and related companies, New Jersey has launched two initiatives specifically targeting its labor pool. In late 2002, New Jersey Governor James E. McGreevey announced plans to consolidate the state's work-force development programs under a common administrative umbrella, ensuring a renewed priority for the program and facilitating access for companies seeking services.
A second initiative centers on the creation of the Commission on Jobs, Growth & Economic Development. In announcing formation of the commission, Governor McGreevey noted, "The commission will set forth a blueprint to enable New Jersey to not simply compete in the new economy, but to thrive and prosper in the coming decade." Among the endeavors shouldered by the commission will be the development of policies and programs to support research and development; enhancement of government responsiveness to business needs; identification of emerging technologies of strategic importance to New Jersey and the resources to support them; and expansion of the partnership between industry and New Jersey’s research universities.
New Jersey's critical mass of pharmaceutical companies — complemented by a surrounding infrastructure of supporting firms, public-sector research, and industry-specific educational programs — continues to respond to the interconnected factors that have made the state the number-one location for the global pharma/bio industry. New Jersey made sense as the premier location throughout the last century. With a renewed commitment to enhancing its status even further, New Jersey makes equal sense for this century.
To read more about the benefits New Jersey offers for Biotechnology & Life Sciences companies, including state programs and incentives, download this report. (223K)