New Jersey Life Science, Business, and Economic Development Experts Discuss New Jersey's Bioscience Future

2008-09-25 23:44:00 -

- Today, a group of national and New Jersey-based partners hosted the New Jersey Biz/Bio event "New Jersey's Bioscience Community: Strengthening the Foundation" discussing the state's bioscience industry. Bioscience represents a major source of current and future economic development in New Jersey. Higher paying jobs and a more educated workforce are just some of the immediate benefits of a strong

and viable bioscience community, which is a combination of biotechnology, pharmaceutical, life sciences and biomedical research.

New Jersey is considered one of the top five biotechnology clusters in the world, with the number of biotechnology companies nearly tripling in the State in the past decade. New Jersey is also home to more pharmaceutical companies than any other state.

New Jersey has more than 10 percent of the national employment base in drugs and pharmaceuticals, and more than 5 percent in both the research, testing, and medical laboratories as well as the medical devices and equipment subsectors.

In both bioscience venture capital invested and patents issued in the past six years, the State places in the top four. A total of $2.78 billion in venture capital was invested in the biosciences in the past six years, Industry experts and partners all agree that attracting and sustaining strong economic investments, partnerships and a skilled labor force is critical to the success of growing the bioscience community.

Debbie Hart, president of BioNJ, said: "We believe today's forum will have a positive impact in helping to enhance the growth that the biotechnology industry is experiencing in New Jersey. Whenever we can foster good, high-paying jobs, stimulate research opportunities within our academic institutions and be a part of the solution for addressing the health concerns for our citizens - I know we are doing our job. Working together - we all can win."

"We're thrilled to have this opportunity to discuss with all of our partners the successes and challenges within the bioscience community. Clearly, partnerships are essential to the success of the bioscience industry. With the public/private investments, we know we can reach further and develop new products to meet the health needs of so many people," added Christine Stearns of the New Jersey Business and Industry Association.

"I am delighted to be here today to explore the ways New Jersey can continue to serve as a cornerstone of the biotechnology industry," stated Jim Greenwood, president and CEO of the Biotechnology Industry Organization (BIO). "It is important for leaders from business, science and government organizations to understand the economic, educational and legislative conditions needed to support and encourage growth for the bioscience community."

Partners hosting today's event included: BioNJ, Inc., HealthCare Institute of New Jersey, New Jersey Association for Biomedical Research (NJABR), New Jersey Business & Industry Association (NJBIA), New Jersey State Chamber of Commerce, Princeton University, the New Jersey Technology Council (NJTC), the Association of University Technology Managers (AUTM), the Biotechnology Industry Organization (BIO), the National Venture Capital Association (NVCA), the Pharmaceutical Research and Manufacturers of America (PhRMA), and the U.S. Chamber of Commerce.

New Jersey Biz/Bio
Lucy Montgomery, 215-262-8624