New Jersey Surges to the Top in Biotech Growth Potential Category

On the heels of the state’s commanding presence at BIO International 2015, New Jersey’s dominance in biotechnology was validated with a top ranking nationally in the Biotech Growth Potential category in Business Facilities Magazine’s Annual Rankings Report released today.

New Jersey surged to the top of the annual biotech growth assessment as a result of its ability to attract new players and grant funding, leverage its world-class research hubs, and its ability to support startups and develop new industry clusters. Home to 14 of the world’s largest biopharmaceutical companies and largest clinical research organizations, New Jersey also was ranked #2 in Biotech Strength (Drugs/Pharma) in the Annual Rankings.

The state’s position as a hub of biotech and pharmaceutical business also was confirmed in a survey of BioSpace readers also released this week. An overwhelming majority of respondents, 63.42 percent, believe New Jersey will continue to attract biotech and life science companies. So far this year, 16 of the 27 new products approved by the FDA came from companies with a significant footprint in New Jersey. BioSpace is a leading online community for life sciences professionals.

“New Jersey has the perfect ecosystem to support biotech growth – a thriving biopharmaceutical sector, world-class universities and research facilities, and a highly-educated workforce that makes it possible to recruit top talent,” said Michele Brown, President and CEO of Choose New Jersey. “We’re proud of the collaborative environment that has supported the life sciences industry for decades, and gratified that the industry acknowledges New Jersey’s assets and strengths.”

“This recognition of New Jersey reinforces its reputation as the ‘Medicine Chest of the World.’  The effort to energize our innovation ecosystem, which will attract new industry investment in the state and help resident companies grow, holds great promise to increase the life sciences’ significant impact on New Jersey’s economy and the state’s already tremendous impact on global health,” said Dean J. Paranicas, President and Chief Executive Officer, HealthCare Institute of New Jersey (HINJ).

“It’s exciting to see New Jersey’s robust ecosystem recognized as a leading biotech hub,” said Debbie Hart, President and CEO of BioNJ. “With our amazing pool of talent, prominent research universities and legacy of big pharma, New Jersey’s innovative life sciences community continues to develop and bring to market the treatments and cures that Patients need.

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About Choose New Jersey:
Founded in 2010, Choose New Jersey, Inc. is a privately funded 501(c)(3) corporation charged with encouraging and nurturing economic growth throughout New Jersey. Through marketing, business attraction and lead generation activities, Choose New Jersey markets New Jersey as a premiere business location to both domestic and international businesses. As a key member of the Partnership for Action (which also includes the New Jersey Business Action Center, the New Jersey Economic Development Authority, and the Commission on Higher Education), Choose New Jersey helps interested prospect companies understand available economic incentives, appreciate the benefits of locating or expanding in New Jersey, and access support to effectively interact with State Government. For more information, visit www.choosenj.com.