New Jersey is among the leading biotechnology clusters in the US. According to Choose New Jersey, the annual economic impact of the life science industry in New Jersey is estimated to be $30.1 billion. New Jersey’s Bio-pharmaceutical Life Sciences exported nearly $5.2 billion in manufactured goods worldwide in 2013 (here).
New Jersey’s life sciences industry employs 115,000 people. According to New Jersey Department of Labour & Workforce Development, New Jersey’s Biopharmaceutical Life Sciences employment in 2013 was identified within three primary components: pharmaceuticals (43.5%), biotechnology-R&D (35.4%) and medical device manufacturing (21.1%).
New Jersey is home to more than 3,000 establishments in the pharma, medtech and life sciences industries. The state is also known as a hub for new drug approvals. In the first half of 2015, 16 of the 27 new drugs approved by the FDA came from companies with a significant footprint in New Jersey (here).
According to National Institutes of Health, New Jersey received $240 million NIH funding in FY 2015, benefiting 53 institutions (here). Rutgers University, New Brunswick received $58 million funding and Princeton University received $44 million funding. In 2015, 491 NIH-supported clinical trials were initiated at New Jersey institutions.
This cluster’s average annual wage was $130,411 in 2013, which was 120.9% higher than the state’s total private sector’s annual average wage of $59,026 (here). In 2012, there was a slightly higher number of males (51.1%) employed within this cluster than females (48.9%).
New Jersey produces 22,000 life sciences graduates every year from a group of higher education institutions, such as Princeton University, Rutgers University and Rowan University. 700 students in STEM disciplines graduated with doctorates annually.
New Jersey streamlined its financial incentive programs through the 2013 Economic Opportunity Act, making it easier for companies to qualify for tax credits that are fully transferrable. Life science and health companies may qualify for tax breaks by creating as few as 25 full-time jobs (10 for new technology start-ups and manufacturing businesses) (here).
New Jersey has operations of the world’s largest biopharmaceutical companies, including Johnson & Johnson, Bristol-Myers Squibb, Merck & Co., Novartis, Novo Nordisk and Bayer.
New Jersey cluster is home to some of the most innovative technologies. Tris Pharma, a pharmaceutical company based in Monmouth Junction, New Jersey, has pioneered the delivery of controlled release in the liquid, chewable/ODT and strip dosage forms so patients do not have to swallow a pill. In April, the firm appointed Sharon Clarke to the position of Chief Commercial Officer to lead the firm’s brand business and launch its first commercial product (here).
New Jersey boasts a robust network of incubators to support the growth and development of technology and life sciences companies. The Commercialization Centre for Innovative Technologies (CCIT) is located in the heart of the state's "Research Corridor" on the campus of the Technology Centre of New Jersey. The 46,000-square-foot CCIT facility offers affordable and customizable office space and "plug-in ready" wet and dry laboratory space. Other incubators in New Jersey also include Waterfront Technology Centre in Camden, South Jersey Technology Park at Rowan University and Enterprise Development Centre at the New Jersey Institute of Technology.
Biotech companies in New Jersey have been through tremendous growth in recent years. Amicus Therapeutics, is a biopharmaceutical company developing next-generation treatments for a broad range of human genetic disease. The company grew from 95 employees in April of 2014 to 140 employees in April of 2015. Celgene Corporation manufactures drug therapies for cancer and inflammatory disorders. The company grew from 1,972 employees in 2013 to 2,161 employees in 2014. In 2015, Celgene expanded its headquarters with a new 180,000-square-foot office area (here).
Some biotech companies have also made NJ their home. In May 2014, Pernix Therapeutics signed a lease for its new corporate headquarters at 10 North Park Place in Morristown,NJ (here). In May 2015, Helsinn Therapeutics, a pharmaceutical company specializing in cancer treatments, has moved its US headquarters to Iselin,NJ.