A new report released at the Biotechnology Innovation Organization (BIO) International Convention last week touts New Jersey as a national leader in spurring innovation and stimulating industry and economic growth.
BIO, in partnership with the Council of State Bioscience Associations (CSBA), released “The U.S. Biosciences Industry in the States: Best Practices in Innovation, Partnerships, and Job Creation.” Now in its seventh edition, the report analyzes the latest legislative and regulatory economic development initiatives at the state and regional level that help support the growth and development of the bioscience sector in the respective states.
In the report, New Jersey was cited amongst the national leaders for its number of bioscience establishments (4,340) and industry employees (104,989). New Jersey was among the top five states for the number of bioscience employees in 2021 behind California, Massachusetts, Texas, New York and Florida, the report said.
Further, the State stands out in breadth of State tax incentives for industry development, highlighting New Jersey’s Technology Business Tax Certificate Transfer Program (NOL) as a national model tax credit initiative.
Similarly, New Jersey’s Bioscience Center (formerly the Commercialization Center for Innovative Technologies), run by the New Jersey Economic Development Authority (NJEDA), was recognized as an exemplary and well-established incubator where emerging companies are provided with the qualified laboratory space, equipment, mentoring and investment opportunities necessary to flourish.
“New Jersey’s biosciences sector has been a strong contributor to the State and national economies for generations,” said BioNJ President and CEO Debbie Hart. “As was cited in the report, our State offers companies a highly educated workforce, incubators and lab space, collaboration opportunities with world-class research universities and biopharmaceutical companies and an environment that supports them at every stage of their growth.”
“Sound public policy programs and initiatives at the State and local levels have had an enormous impact on the growth of the industry in the Garden State,” Hart added. “Just in the past few years, we have seen countless companies expand their footprints while others have opened or moved their operations to New Jersey.
“Early-stage innovation is blossoming with the introduction of meaningful incentives as well as the development of collaborative research hubs, such as the newly announced Northeast Science and Technology Center (NEST) and the continued buildout of the HELIX,” Hart said.
NJEDA CEO Tim Sullivan said the report validates New Jersey’s strategic approach to advance the state’s innovation ecosystem.
“Combined with New Jersey’s central location, highly talented workforce and world-class universities, the Garden State continues to present a competitive advantage as the ideal place to support and grow life sciences businesses,” Sullivan said.
A full copy of “The U.S. Biosciences Industry in the States: Best Practices in Innovation, Partnerships, and Job Creation” can be found here.