BioNJ Report: Clinical Trials Activity In New Jersey Delivers 3,750 Jobs And $779M In Economic Output
TRENTON, N.J.--(BUSINESS WIRE)--BioNJ, the trade association for New Jersey's life sciences industry, today released its "Economic Impact Study of Clinical Trials Activity in New Jersey" in collaboration with Rutgers Business School and Rutgers Bloustein School of Planning and Public Policy noting that clinical trials activity in New Jersey delivers 3,750 jobs and $779M in economic output.
“A deeper dive into the data, as well as additional investigation into important questions, such as how many New Jersey residents participate in clinical trials in the region but outside of New Jersey, will help drive future strategy”
The first study of its kind in New Jersey, the research brief serves as a call for efforts to increase clinical trials capacity and resources in the State and for the education of all stakeholders as to the value delivered to the healthcare system through the conduct of clinical trials.
"The results of the Study provide a mosaic comprising clinical trials activity, patient participation and economic impact that collectively highlight important baseline information on BioNovation, New Jersey's life sciences innovation ecosystem," said BioNJ President and CEO Debbie Hart. "This Study is not an exhaustive analysis of one particular area, but lays important groundwork and will provide a benchmark against which to measure future activity.
"The total value of clinical trials to society is measured in more than just dollars. First, investments in clinical trials and research confer economic benefits to the job market, to the sites conducting the trials and to the economy as a whole. Second, access to high quality medical care contributed by trial sponsors saves the State considerable expenditures by offering world-class standard of care and access to cutting edge technologies and treatments. Third, and most importantly to the participants in these trials and to their families, is hope," said Hart.
- Total annual investments in clinical trials by corporate and NIH sponsors totaled $263.3 million and resulted in $779 million in economic output in 2013.
- Clinical trials investment supports 3,750 jobs on an annual basis with a GDP impact of $337 million.
- New Jersey residents are willing to participate as Patients in clinical trials, comprising 6.8% of enrollees in clinical trials nationally despite representing only 2.8% of total U.S. population.
- Clinical trials activity is above the national average in oncology and infection and inflammatory diseases.
- As of 2013, the State of New Jersey had 244 sites conducting clinical trials.
"The goal of the Study is to provoke questions and forward thinking by stakeholders and opinion leaders within the State," adds Hart. "BioNJ, in collaboration with academic institutions, clinical care centers, life sciences companies and other stakeholders, will continue to work with legislative leaders to address unanswered questions and move New Jersey's progress forward within this critical arena."
"A deeper dive into the data, as well as additional investigation into important questions, such as how many New Jersey residents participate in clinical trials in the region but outside of New Jersey, will help drive future strategy," said Thomas Richardson, Ph.D., Vice President, Strategic Initiatives and Staff Liaison to the BioNJ Clinical Trials Committee.
BioNJ thanks the BioNJ Clinical Trials Committee, co-chaired by BioNJ Board Member Spiro Rombotis, President and CEO, Cyclacel Pharmaceuticals; and Dr. Ulo Palm, SVP and Head of Global Brands, Drug Development Operations, Allergan, for helping to bring this important undertaking to fruition and Berkley Life Sciences for its generous support.
Click here to download "BioNJ's Economic Impact Study of Clinical Trials Activity in New Jersey".
BioNJ, The Gateway to Health, is a network of more than 400 Members representing research-based life sciences companies 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 WaitSM, 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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