(Newark, New Jersey) – Choose New Jersey is pleased to announce the Association of Biotechnology Led Enterprises (ABLE), a not-for-profit organization representing the Indian biotechnology sector, has signed two separate memoranda of understanding (MOUs) that will strengthen New Jersey’s strong ties with cutting-edge biotechnology companies in India. The MOUs are with two organizations: the Institute for Life Science Entrepreneurship (ILSE), a New Jersey-based not-for-profit focused on supporting life science entrepreneurship, and BioNJ, the largest life sciences association in New Jersey.
Both MOUs will increase collaboration and expand ABLE member companies’ presence in New Jersey, encouraging more Indian companies to do business in the State. Launched in 2003, ABLE has over 400 members across India, and represents various sectors across the life sciences industry.
“We are pleased to announce these partnerships with ABLE, BioNJ and the Institute for Life Science Entrepreneurship,” said Catherine Scangarella, Chief Business Development Officer. “This collaboration builds upon our robust business attraction efforts in India, and will encourage leading Indian biotechnology companies to expand their operations in our great State.”
ABLE was first introduced to New Jersey leaders during Governor Murphy’s business attraction trip to India with Choose New Jersey in 2019. The New Jersey India Center (NJIC), founded during that historic trip, helped facilitate ABLE’s relationships with key New Jersey partners and serves as the first point of contact for Indian businesses looking to expand in North America. India is one of New Jersey’s largest trade and investment partners, and Indian Americans represent the largest group of foreign-born residents in New Jersey.
“We are thrilled to collaborate with BioNJ and Institute for Life Science Entrepreneurship, two leading biotechnology organizations in New Jersey,” said Narayanan Suresh, Chief Operating Officer at the Association of Biotechnology Led Enterprises, India. “New Jersey’s location, along with its highly-educated workforce and renowned academic institutions, make it an ideal location for Indian biotechnology companies looking to grow and expand their footprint internationally. New Jersey and India have long-standing cultural and economic ties, and these new agreements will only increase this vital collaboration and advance innovation.”
The MOU between ABLE and BioNJ, Inc. will foster a collaborative relationship between the two organizations, establishing a long-term agreement for the sustained growth of both parties, while advancing the biotechnology industry in both New Jersey and India.
“BioNJ is excited to partner with ABLE to strengthen our relationship with innovative Indian biotechnology companies. Alliances, such as the one between BioNJ and ABLE, are important in fostering new business opportunities, partnerships and research collaborations,” said Debbie Hart, President & CEO of BioNJ. “By bringing our Members together we will be able to achieve more and support the life sciences industry as a whole. Our goal is to make it easier for Indian companies to establish operations in New Jersey while assisting companies looking to expand outside of the United States.”
ABLE-Institute for Life Science Entrepreneurship (ILSE), MOU
The MOU between ABLE and ILSE will establish training programs that will help support Indian biotechnology sector companies. ILSE, located at Kean University’s state-of-the-art STEM building in Union, is a life science technology accelerator, business incubator and research institute that supports startup life sciences businesses with physical space, shared equipment, and support on industry issues. This MOU will provide ABLE members with entrepreneurship assistance in New Jersey as they look to expand in the U.S.
“The Indian biotechnology sector is thriving and we look forward to working with ABLE and its members to expand their footprint to New Jersey and beyond,” said Thomas Richardson, Ph.D., President of ILSE. “The New Jersey region – a leading global life sciences cluster – is the perfect place for ABLE members to thrive, and ILSE stands ready to provide the resources and expertise they need to achieve success in New Jersey’s innovation ecosystem.”
New Jersey is a global leader in the life sciences industry. It is home to 13 of the top 20 pharmaceutical companies, among the top two states for FDA-registered biopharma manufacturing facilities, the highest concentration of scientists and engineers per square mile and located within the #1 region for STEM graduates in the country.
“Choose New Jersey is committed to accelerating global investment in New Jersey, and this agreement only strengthens our efforts. As a thriving life sciences hub, we are excited to welcome new, dynamic Indian companies to our innovation ecosystem to take advantage of the support and resources our state has to offer.” added Scangarella.
About Choose New Jersey
Choose New Jersey is a privately funded 501 (c)(3) economic development organization with a mission to stimulate job creation and attract capital investment to New Jersey. Choose New Jersey markets New Jersey both domestically and internationally as the best place to grow a business in the United States. Knowledgeable, experienced staff, supported by a network of State agencies and private partners, provide free, confidential assistance to guide companies in establishing operations in New Jersey. By harnessing the power of business, labor, academic and government leaders, Choose New Jersey enables growth across all sectors of the State’s economy, aspiring to build a stronger and more prosperous New Jersey for all. To learn more, visit www.choosenj.com.