The New Jersey Biotechnology Task Force is seeking more tax credits for biotechnology being developed at state universities as well as the re-establishment of the Commission on Science and Technology, a group that was disbanded during Gov. Chris Christie’s administration.
The recommendations were made at a press conference Wednesday in Trenton.
The group, which was formed last year and is chaired by BioNJ CEO Debbie Hart, also recommended that Gov. Phil Murphy:
Hart said she is concerned over the number of biotech companies leaving the state, including Ipsen SA, a French pharmaceutical company that only recently moved its U.S. headquarters from New Jersey to Massachusetts.
“By leveraging our strengths, we believe that New Jersey can achieve its goal of revitalization and enhancement of the life sciences industry through strengthening of the state’s innovation capacity,” said Hart during the press conference. “It is an opportune time to take these important steps. Governor Phil Murphy’s commitment to growing New Jersey’s innovation ecosystem is noteworthy, and many of the recommendations contained within this report have already been put forward as legislation that is now moving through the Legislature. We believe that a deep understanding of the importance of the life sciences industry to New Jersey already exists and that these recommendations will capitalize on the interest and the opportunity.”
The Task Force was created last year to explore ways to strengthen the life sciences industry in the state. It is comprised of six legislative members, two public members, including Hart, and Daniel O’Connor, CEO of OncoSec Medical, and, Timothy Lizura, COO of the New Jersey Economic Development Authority. The EDA served as staff to the Task Force.