Governor Murphy on June 30th signed into law the Legislature-passed fiscal year 2023 New Jersey State budget. The $50.6 billion State Budget, the largest in New Jersey history, includes the State’s largest surplus of over $6 billion, property tax relief through the ANCHOR program and a second consecutive full payment to the public worker pension fund. The historic windfall in state tax revenue of nearly $11 billion enabled this funding.
The budget continues the State’s commitment to our life sciences ecosystem with a significant investment in the New Jersey Commission on Science, Innovation and Technology. BioNJ applauds Governor Murphy, the leaders of the Senate and Assembly and all members of the Legislature for their commitment to funding innovation. “BioNJ extends our appreciation for this funding and are committed to achieving our mission to strengthen the innovation economy within the State,” said Debbie Hart, President and CEO of BioNJ and Vice Chair of the Board of the NJ Commission on Science, Innovation and Technology.
Also, in the final days of the session, the Legislature passed, and Governor Murphy signed legislation that addresses mental health and gun control, combats food insecurity, and funds women’s health initiatives. The full package of bills focused on prescription drug affordability was not advanced through both houses, and the Legislature is poised to address the package when they return in the Fall. S1614, legislation which requires health insurance carriers to provide coverage for epinephrine auto-injector devices and asthma inhalers and limits cost sharing for health insurance coverage of insulin, was the only bill in the package to receive any action. S1614 was passed unanimously by the Senate on June 26 and was received in the Assembly and referred to the Assembly Appropriations Committee. The Assembly companion bill, A2839, also remains in Assembly Appropriations. BioNJ will continue to work with the Governor’s office and legislative sponsors and leaders to ensure that any policies to address prescription drug affordability will provide for meaningful transparency across the supply chain, while ensuring future innovation and Patient access and affordability to lifesaving treatments.
