New Jersey is a pharmaceutical powerhouse, with close proximity to financial markets and a highly skilled labor pool. The region houses immense technological resources, government funded programs and initiatives and prominent advocacy groups. With unparalleled resources, the region is the ideal location for biotechnology companies and employees.
New Jersey also offers access to important research centers, prestigious academic institutions, advocacy groups like the Biotechnology Council of New Jersey and established pharmaceutical and biotechnology industries. New Jersey has the highest concentration of scientists in the nation, one in 10 private sector workers in NJ are employed by high-tech firms, and the state ranks fourth in total funding for research and development, with over $12 billion spent annually. With its high standard of living unmatched in the U.S., no wonder New Jersey is the place to work, live and play.
The Biotechnology Council of New Jersey and the New Jersey Coalition for Biotechnology, which is made up of various organizations around the state including Prosperity New Jersey, the HealthCare Institute of New Jersey, the New Jersey Economic Development Authority, PSE&G, Princeton and Rutgers Universities, the New Jersey Commerce and Economic Growth Commission, University of Medicine and Dentistry of New Jersey and the New Jersey Commission on Science and Technology, work in conjunction to promote New Jersey's image and standing in the industry. The Biotechnology Council of New Jersey also works in collaboration with surrounding states to enhance the climate for biotechnology in the region. Through the promotional efforts and outreach assistance of BCNJ, its member companies and the state of New Jersey have received national recognition for creating a favorable environment for the industry's growth. Several major national Biotechnology Industry Organization (BIO) awards have been presented to New Jersey biotechnology industry leaders including The Hon. Christine Whitman - BIO Governor of the Year; Governor Whitman also received BIO and BCNJ's Innovation Leadership Award; Senator Robert Singer - BIO State Legislator of the Year; Lisa Drakeman, Ph.D., Vice President, Medarex - BIO Advocate of the Year; Secretary Gualberto (Gil) Medina, NJ State Commerce and Economic Growth Commission - BIO Outstanding State Government Executive of the Year; Assemblyman Anthony Impreveduto - BIO State Legislator of the Year and Congressman Rush Holt - BIO Federal Legislator of the Year. The Biotechnology Council of New Jersey and the Pennsylvania Biotechnology Association annually host a joint symposium, the largest regional biotechnology meeting in the country.
New Jersey offers a rich academic environment, housing prestigious colleges and universities like Princeton University and Rutgers University and advanced technology centers such as The Technology Centre in North Brunswick, NJ. Known as the "medicine chest of the world," New Jersey houses a wealth of pharmaceutical and medical technology companies, including 17 of the 20 largest pharmaceutical companies in the world which have major facilities in New Jersey. The large concentration of pharmaceutical companies offers opportunities for joint ventures, recruiting and research for biotechnology companies.
The success of biotechnology in New Jersey is due largely to innovative and supportive government programs and policies. Other states will likely follow suit with programs, similar to those in New Jersey where government officials have taken steps to ensure that the state is an ideal location for biotechnology companies. The Biotechnology Council of New Jersey was instrumental in the establishment of the Technology Business Tax Certificate Transfer Program, which is currently being promoted at the national level and offers tax benefits to provide a new source of monies to small and mid-sized biotechnology companies by allowing them to sell net operating loss credits to profitable companies for cash. State authorities have demonstrated a consistent commitment to promoting and growing the industry in this region. Newly elected Governor James McGreevey was a key sponsor of important industry legislation in the late 1990s when he served in the New Jersey legislator as a State Senator.
The number of biotechnology employees in New Jersey jumped 25% from 6,000 to 7,500 in recent years and New Jersey houses 110 biotechnology companies, making it the fourth-largest biotechnology center in the nation. The New Jersey pharmaceutical and medical technology industry supports 140,000 jobs in New Jersey and the region also attracts employees due to its high standard of living. The average biotechnology worker in New Jersey earns $83,300 and the median household income in New Jersey is the second highest in the nation. Coupled with pharmaceutical employees, New Jersey is home to a total of nearly 150,000 employees in the pharmaceutical/biotechnology field.