 |
It's Time (Again) for
A New Jersey Biotechnology Task Force
The life sciences industry in New Jersey plays a major role in providing jobs and supporting the State's economy, and the sector continues to thrive.
Genetic Engineering News' "Top 10 U.S. Biopharma Clusters" report, released earlier this month, ranked the New Jersey/New York region third in the country, with New Jersey containing more than half of the region's total lab space and accounting for 60% of the region's industry jobs.
In New Jersey, that means 86,000 direct jobs with a total impact of 468,000 jobs.* The life sciences industry contributes $30.1 billion to New Jersey's economy and it has continued to grow throughout the recession.
The strength of this sector didn't just happen. In the early 1990's, a New Jersey Biotechnology Task Force was convened to establish a program to promote biotechnology and other high technology industries in New Jersey and to attract biotechnology and other high technology companies to the State. As a result, we grew from the 30 biotechnology companies then located here to the more than 400 that today call New Jersey home.
Changes Call for a New Task Force
Much has changed since 1995, and many of the changes have had an impact on the industry. The economy since 2008 has restricted the flow of venture capital, an essential element for most biotech companies. Mergers and acquisitions have dramatically changed the landscape for New Jersey's legacy biopharmaceutical companies, and research and development are now located across the country and around the world. Universities in the most competitive states have worked eagerly with the industry for decades, spinning out companies and supplying a ready workforce.
The bright news about New Jersey's strength in the life sciences sector is especially welcome now, since New Jersey continues to lag behind the country in economic recovery. Careful planning now will sustain the industry's growth in New Jersey and retain its vital contributions to our State.
A bill currently in the New Jersey Senate would establish the New Jersey Biotechnology Task Force to communicate with the biotechnology industry and develop recommendations for actions the Legislature and State can take to retain and attract new biotechnology companies to the State. A companion bill in the Assembly passed in March with only one dissenting vote, and the Senate Economic Growth Committee is now reviewing the bill, which is a joint resolution.
The Task Force would be composed of nine members, with six legislators from both the Assembly and Senate; a representative from New Jersey Economic Development Authority; and two public members nominated by BioNJ. The Task Force is charged with issuing a final report no later than December 31, 2017.
New Jersey Must Remain Competitive
Historically, New Jersey has effectively strategized to grow the presence of the biopharmaceutical industry in our State. In addition to the first Biotechnology Task Force, the State later commissioned the New Jersey Life Sciences Super-Cluster Initiative study under the direction of Dr. Michael Porter, a noted expert on competitiveness. The 2004 study concluded that the life sciences industry was the innovation "anchor" for our State's economy.
The Porter study showed the need for greater collaboration among industry, government and academia for New Jersey to remain a national leader in the life sciences. It was cited as a primary rationale for the merger between Rutgers University and the University of Medicine and Dentistry of New Jersey.
BioNJ's recently released white paper "
Fueling Entrepreneurship: Advancing Innovation and the Life Sciences Ecosystem
"
highlighted key findings from a state-wide survey of entrepreneurs intended to identify opportunities and strategies to support the important role of life sciences entrepreneurship in New Jersey. The study includes recommendations for improving the environment for entrepreneurs with regard to raising capital, developing and maintaining talent and networks, the infrastructure and policy climate of the State, and marketing and communications.
In addition to the economic benefits of the industry, New Jersey provides much of the innovation and research that drives groundbreaking medical treatments and cures. In 2015, New Jersey's robust life sciences ecosystem was responsible for more than 50% of all new FDA drug approvals.
Maintaining and strengthening the culture of innovation that is so critical to New Jersey requires the focus that the New Jersey Biotechnology Task Force will provide. It's time to plan strategically to continue to receive the benefits of the life sciences industry's strength in our state.
BioNJ commends Senator Robert Singer (R-Lakewood) for sponsoring SJR57, a joint resolution establishing the "New Jersey Biotechnology 2 Task Force." We
urge the Senate Economic Growth Committee to approve the legislation and release it to the Senate.
BioNJ thanks Assemblymen Gary
Schaer (D-36), Tim Eustace (D-38), Daniel Benson (D-14), Gordon Johnson (D-37) and Assemblywoman Nancy Pinkin (D-18), primary sponsors of AJR46, the companion Assembly bill to SJR57.
We also recognize Assembly co-sponsors Reed Gusciora (D-15), Craig
Coughlin (D-19), Herb Conaway, Jr (D-7),
Pamela Lampitt (D-6), Annette Quijano (D-20), John F.
McKeon (D-27) and Mila M. Jasey (D-27).
#####
For more information about BioNJ's Public Policy program, please contact Rebecca Perkins, BioNJ Vice President, Government Affairs, at
[email protected]
*As reported in
Battelle/BIO State Bioscience Jobs, Investments and Innovation 2014,
including innovation companies and medical and testing labs.
|
|
|
|
|
|
