A Global Hub for Life Sciences
Why is New Jersey recognized as an undisputed leader in life sciences? Start by looking at the numbers.
With more than 3,280 facilities operating across all sectors, the New Jersey life sciences industry directly employs over 117,260 people, with an estimated annual contribution to New Jersey’s economy of $47.5 billion.
Home to the headquarters or major facilities of 13 of the top 20 biopharmaceutical companies in the world, New Jersey’s life sciences ecosystem includes robust biopharmaceutical and medical technology sectors. It also includes world-class universities and research institutions and some of the best research and teaching hospitals in the country, including Hackensack University Medical Center.
What’s more, New Jersey’s economy is 89% more concentrated in the biosciences than the national average and is the only state where this high degree of specialization spans four of the five major industry subsectors—drugs and pharmaceuticals; research, testing, and medical labs; bioscience-related distribution; and medical devices.
Highly Educated, Highly Skilled
New Jersey has a highly educated workforce that makes it easy for companies to recruit top talent. In fact, many pharmaceutical and biotech companies choose New Jersey specifically for its concentration of specialized talent in the areas of R&D and commercialization – the highest concentration in the country. In addition to the State’s experienced workforce, a steady stream of brilliant students graduate from elite higher education institutions in New Jersey each year and join that talent pool. Six of those universities, including top-ranked Princeton, offer additional graduate and post-graduate degrees in the biomedical and healthcare fields.
An Ecosystem for Discovery
New Jersey’s rich legacy of discovery has never stopped. In 2017, 23 new FDA drug approvals came from companies with a New Jersey footprint, that’s 50% of all FDA drug approvals. Of the top 22 R&D companies, 12 are located here.
Princeton University and Rutgers, the State University of New Jersey – ranked among the nation’s top research institutions – have a long history of supporting the research needs of the private sector. Rutgers’ RUCDR Infinite Biologics, for example, the world’s largest university-based cell and DNA repository, collaborates with researchers in the public and private sectors throughout the world.
The research conducted by our universities is complemented by research underway at New Jersey’s 13 teaching hospitals and 4 medical schools. The concentration of hospitals, medical schools and universities, combined with the State’s population density, multicultural diversity and outstanding transportation infrastructure, makes the State a prime location for clinical trials.
In fact, there are currently 2,300 open and active trials underway, ranging from initial studies in humans to the management of large multi-center trials. In the growing field of translational research, programs are underway at the Hackensack University Medical Center’s John Theurer Cancer Center, the Cancer Institute of New Jersey, the Rutgers New Jersey Medical School, the Pediatric Clinical Research Center and the Human Genetics Institute of New Jersey.
Access to Financial & Regulatory Centers
Looking to access capital, regulators or partnering opportunities? New Jersey is your answer.
Situated in the heart of the U.S. Northeast Corridor, New Jersey life sciences companies have strategic access to local and global financial markets and regulatory centers.
Northern New Jersey is just across the river from Wall Street – an easy train or ferry away to the heart of U.S. financial institutions. The regulatory centers of Washington D.C. are less than a 4-hour drive or train ride away.
Rather fly? Daily non-stop flights to more than 130 international destinations and 110 U.S. cities are offered at Newark Liberty International Airport and other nearby airports, providing unsurpassed access to cities around the world.
Life science businesses that settle in the State also benefit from New Jersey’s high concentration of biopharmaceutical companies, research centers and universities, which increases the potential for partnering. Perhaps that’s why our biotech community has grown by more than 400% in less than 2 decades and Business Facilities ranked us the #1 state for biotech growth potential in 2015.
Incentives to support growth
New Jersey offers a number of attractive incentives for qualified life sciences companies, including
incentives specifically created to support start-up and early stage ventures.
Grow New Jersey Assistance Program
Companies may qualify for fully-transferable tax credits by creating as few as 25 full-time jobs (10 for new technology startups).
Technology Business Tax Certiﬁcate Transfer Program (NOL)
This incentive gives biotech companies the ability to sell their net operating tax losses and R&D tax credits.
Top New Jersey Pharmaceutical Companies
|Johnson & Johnson|
Source: Pharmaceutical Executive, 2017