New Jersey hosted 792 clinical trials of drugs and medical treatments in 2017 with a total economic impact of $880 million, according to a new study supported by the pharmaceutical industry.

Clinical Trials Impact State Economies
According to John Corea, “A new report from TEConomy Partners, supported by PhRMA, provides estimates of industry-sponsored clinical trial activity in each of the 50 states, including the number of trials active, the number of trial participants, the annual direct investment by biopharmaceutical companies to operate the clinical trial sites, and the total economic impact resulting from that investment, including the indirect economic effects that ripple through local economies.”

NJMEP is earning a return on investment of 15.3 to 1
John Kennedy, president and CEO of the nonprofit New Jersey Manufacturing Extension Program, cited an independent third-party report showing NJMEP is earning a return on investment of 15.3 to 1.

SBA Announces MaTCH Pilot Competition
Seeking to address the job skills and placement gaps faced by U.S. businesses, Small Business Administration Acting Administrator Chris Pilkerton announced the launch of the agency’s Makerspace Training, Collaboration and Hiring (MaTCH) Pilot Competition.

Gift Injects New Energy into NJIT’s College of Architecture and Design
New Jersey Institute of Technology (NJIT) has renamed its College of Architecture and Design for J. Robert and Barbara A. Hillier to reflect the globally renowned architects’ historic donation to the university.

Entrepreneurs and Investors Convene at NJEDA’s Latest New Jersey Founders & Funders Event
More than two-dozen New Jersey entrepreneurs met May 9 with investors from the Mid-Atlantic region as the New Jersey Economic Development Authority (NJEDA) hosted its semi-annual New Jersey Founders & Funders at 1776, a coworking space in the Cherry Hill Mall.

Leadership at New Center for Discovery and Innovation Announced: Celgene founder and biotechnology industry veteran Dr. Sol J. Barer named Chair of the Board Directors
Hackensack Meridian Health announced the appointments of Sol J. Barer, Ph.D., as chair of the board of directors and David S. Perlin, Ph.D., as chief scientific officer at the Hackensack Meridian Health Center for Discovery and Innovation (CDI).

Useful Stats: Employment in High-tech and Manufacturing by State, 2013-2017
Through an analysis of American Community Survey five-year data for 2013-2017, SSTI assessed state-level employment concentration within the manufacturing or high-tech, which tend to provide well-paying jobs.

New Initiative to Study ROI of Smart Cities

ESI ThoughtLab, a branch of economic consulting firm Econsult Solutions, will study the return on investment of smart city programs across the world. Sponsored by groups like Accenture, General Motors, CBRE, and Oracle, the group is focusing on how the cities of the future can use sensors, data, and analysis to help fully realize the benefits of working and living in a city.

Upcoming Events

CFO + INVESTOR AWARDS

When: Fri, June 7, 7am – 10am
Where: The Westin Princeton at Forrestal Village, 201 Village Blvd, Princeton

InnovationNJ Meeting
When: Fri, June 14, 8:30am – 11:00am
Where: 61 Dudley Road, New Brunswick

 

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