New Jersey Governor Phil Murphy today delivered his State of the State Address to members of the New Jersey State Legislature. Governor Murphy's address touched on several themes he has supported throughout his tenure while also introducing new policy concepts with life sciences impact.

 

Governor Murphy highlighted the State's work to keep health care affordable in New Jersey, including moving New Jersey to a state-based health insurance exchange. Governor Murphy also highlighted recent data showing a decrease in opioid-related deaths in New Jersey and legislation addressing surprise medical bills.

 

Of note to the health care sector was the Governor's announcement of his plans to create a new State agency -- the Office of Health Care Accountability and Transparency -- to examine ways to improve health care transparency and affordability. The Office will work across State agencies to reduce consumer costs while improving coverage availability. The Governor is also directing the Department of Banking and Insurance to collaborate with the Office of Health Care Accountability and Transparency to track data on the costs of health care services in the State.

 

"BioNJ applauds Governor Murphy for his focus to reduce costs for Patients," said BioNJ President and CEO Debbie Hart. "We look forward to working with this newly established agency so that Patients can have meaningful access to their medicines."

Governor Murphy highlighted "Jobs NJ," his administration's plan to "align our education system to meet the future needs of both employers and workers." Governor Murphy also reiterated his support for a Millionaire's Tax, pledged to improve the New Jersey Transit system and called for ethics and transparency reforms in Trenton.

 

Finally, the Governor pledged his support for a "targeted and responsible" tax incentive program first proposed in the Governor's October 2018 Economic Development Plan. BioNJ continues to believe that incentives are a meaningful tool in maintaining and growing our State's life sciences industry, and we look forward to working with the Governor, Speaker Coughlin and Senate President Sweeney on this important effort.

 

Click here for Governor Murphy's State of the State address as prepared for delivery.

 

Stay tuned for additional information on the State of the State as well as the Governor's forthcoming fiscal year 2021 budget proposal.  Please contact John Slotman, BioNJ's Vice President, Government Affairs, at [email protected] should you have any questions.