Breaking News from BIO 2018: BIO/TEConomy
BOSTON--(BUSINESS WIRE)-- New Jersey is being touted as a national leader at the BIO International Convention, taking place this week in Boston. Released in a session earlier today, BIO/TEConomy's report "Investment, Innovation and Job Creation in a Growing U.S. Biosciences Industry" outlines the status of the industry and where biosciences jobs are nationally. The study details each of the biosciences subsectors including, biotechnology, healthcare, agriculture and industrial applications.
In the report, New Jersey was cited among the national leaders in the biosciences with a "very large, highly specialized and diverse industry base". The number of New Jersey employees grew by 2.6% from 2014 through 2016 to nearly 94,000 jobs across 2,897 business establishments despite contraction in the number of pharmaceutical sector jobs. The total number of establishments grew by 9.2% during the same period.
New Jersey has a high degree of industry specialization with a 94% greater concentration of biosciences industry employment relative to the nation. Further, the State leads with a specialized employment concentration in four of the five industry subsectors, a distinction that is shared only with Puerto Rico.
New Jersey's leadership is further evidenced by the number of patents, with 7,303 awarded during the 2014 through 2017 period in biosciences-related technology classes.
Also of note, venture capital investments have risen in recent years, with $320 million in 2017 and totaling nearly $1.1B since 2014.
"New Jersey's continued national leadership in the biosciences industry and in the medical innovation it brings to Patients around the world is being highlighted here today and we couldn't be more proud," said BioNJ President and CEO Debbie Hart. "The expansion of the life sciences industry with the addition of jobs, establishments, venture funding and patents is further testament to the strength of our industry as well as our talent.
"New Jersey's biosciences industry has been an important source of the State's and the nation's economies for generations and that continues to be true as we have witnessed here today," added Hart.
"The growth of New Jersey's biopharmaceutical sector is a testament to the strength of our innovation ecosystem," said Jose Lozano, President and CEO of Choose New Jersey, Inc. "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."
"The job growth and investment in New Jersey reflected in this report quantifies how primed the State is for growth," said EDA CEO Tim Sullivan. "The fact that these gains have been largely in the biosciences sector further validates fostering an economy that encourages innovation as the foundation of Governor Murphy's vision for the State's economy."
"We are excited to showcase all that New Jersey has to offer with our State colleagues this week at BIO and to celebrate this positive report," said Hart.
Click here to view New Jersey's State profile.
Click here to view the full report.
BioNJ is a trade association of nearly 400 Member companies representing research-based life sciences organizations and stakeholders dedicated to propelling a vibrant ecosystem where Science is Supported, Companies are Created, Drugs are Developed and Patients are Paramount. Because Patients Can't Wait®, BioNJ supports its Members in the discovery, development and commercialization of therapies and cures that save and improve lives and lessen the burden of illness and disease to society by driving capital formation, fostering entrepreneurship, advocating for public policies that advance medical innovation, providing access to talent and education and offering a cost-saving array of critical commercial resources. For more information about BioNJ, please visit www.BioNJ.org.
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