Study NJ among tops in biopharma

New Jersey was touted as a national leader in both life sciences and biotechnology in a study by BIO/TEConomy.The results of the study were introduced at the BIO International Convention in Boston, the nation’s largest life sciences annual conference, which concluded Tuesday. More than 40 representatives from New Jersey life sciences companies, universities, service organizations, trade associations and state Government attended the conference as part of the New Jersey delegation.

The report, “Investment, Innovation and Job Creation in a Growing U.S. Biosciences Industry,” showed that the number of New Jersey employees grew by 2.6 percent from 2014 through 2016 to nearly 94,000 jobs across 2,897 business establishments despite contraction in the number of pharmaceutical sector jobs.

The total number of establishments grew by 9.2 percent during the same period. Both figures put the state in the top quartile of all states in those categories.

The study also showed that New Jersey has a high degree of life sciences industry specialization, with a 94 percent greater concentration of biosciences industry employment relative to the nation. And the state leads with a specialized employment concentration in four of the five industry subsectors, a distinction that is shared only with Puerto Rico.

The number of life sciences and biotechnology patents introduced in New Jersey between 2014 and 2017 was 7,303, the most of any state. Additionally, venture capital investments have risen in recent years, with $320 million in 2017 and totaling nearly $1.1B since 2014, putting New Jersey in the second quartile among states in terms of the amount of VC investing in life sciences companies.

“New Jersey’s continued national leadership in the biosciences industry and in the medical innovation it brings to Patients around the world is being highlighted here today and we couldn’t be more proud,” said BioNJ president Debbie Hart, in an email. “The expansion of the life sciences industry with the addition of jobs, establishments, venture funding and patents is further testament to the strength of our industry as well as our talent.”

The New Jersey Economic Development Authority and the Secretary of Higher Education Zakiya Smith Ellis also introduced Research with NJ, an online research portal, during the conference.

Research with NJ accesses assets from New Jersey’s higher education institutions. It also will enhance innovation exchange, establish greater collaboration between academia and industry and aid universities in managing the research enterprise. The portal uses a software platform from info-analytics company Elsevier.