Page 28 - midJersey Business - January 2015

LIFE SCIENCES INDUSTRY

BIG

NUMBERS

How vital are the life sciences to driving ally. As of September 2014, the number
the state economy?
of biotechnology companies operating

l Very. The life sciences is one of the lead- Wages industry-wide averaged in the state increased to 379 from the
ing industries in New Jersey. It’s an impor- $126,794 340 in the 2012 report, representing an
in 2012, led by phar-
tant economic driver, and it’s an industry maceuticals ($137,949), followed by increase of 12 percent. The life sciences
that we all need to support.
industry directly employs 66,451 people
biotechnology ($132,576) and medi-
in New Jersey and indirectly supports
Tell me a little bit about BioNJ and how
cal devices ($94,652). Life sciences 146,105 additional jobs through its total

it promotes and advocates for the biosci- annual average wage was 118.3 expenditures for a total of 212,556 jobs.
ences in New Jersey throughout the world? percent higher And despite the headwinds of recent
than New
l Our mission and vision is to propel the years, New Jersey’s biotech companies
rich ecosystem in New Jersey to stimulate Jersey’s total private sector average overwhelmingly planned to hire in 2014.
wages of $58,093.
and support innovation, improve and save These are all very signiicant numbers.
lives, and lower the hurdles of healthcare We’re thrilled.

advancements for society.
There were 3,042 facilities across
We fulill our mission by ensuring that
all sectors of New Jersey’s life sci- Most of the data point in a positive
science is supported, companies are cre- up 6.3 direction, but did anything discouraging
ence industry in 2012,
ated, drugs are developed, and patients are percent from 2007, led by 10.3 come out from the report?
paramount.
l It wasn’t a surprise, but you hate to see
percent growth in the biotech-
We have three big strategic initiatives. it in print. Big Pharma layofs impacted
First, we’re looking to create an intercon- nology component and 9.1 percent the overall job numbers. From 2007

nected base of region-wide research and growth in the pharma component.
to 2012, pharmaceutical jobs dropped
development assets that will serve as a from 65,073 to 49,913—a 23.3 percent

nexus for innovation. We want New Jersey decrease. There are lots of reasons for
to be the biotech hub in the country and Total funding of New Jersey life sci- that, including the economy. There’s
ences companies spiked in 2013 with
the world. Second, we’re looking at ways an M&A period going on now—one like
to create funding that will support a con- approximately $900 million
we’ve never seen before in the industry.

tinuous low of new companies. Third, we in both early- and late-stage invest- Also, there were patent-clif-related
want to create an opportunity for clinical cutbacks. Major blockbuster products
ments. That represents well over
trials and translational research to happen 200 percent growth have gone of-patent. They’re readjust-
in New Jersey in a more robust fashion. over ing and streamlining their workforces,

Rather than companies going elsewhere the prior year. Funding was helped
and because New Jersey has such a large
by seven New Jersey companies
for their clinical trials, we want them to percentage of the Big Pharma jobs in the
bring them here.
that completed initial public offerings country and in the world, it’s logical that

in 2013.
we would be impacted.
You started to work in your current

capacity in 1993. What has drawn you to Do you see the pharma job numbers
the industry for all these years?
While overall life science employ- improving soon?
ment totals are down 12.3
l New Jersey is an amazing place for this l One of the things the pharma industry
industry, especially since we’re able to percent from 2007 to 2012 driven has been doing over the past few years

operate in an environment where govern- by Big Pharma, which experienced in preparation for and in response to the
ment is supporting what we do. And it’s patent clif is looking at opportunities
mergers, site closings, patent-cliff-
such a humbling experience to help impact for partnering with and acquiring bio-
the economy of New Jersey and to support related R&D and sales force cut- technology companies to bring drugs and

these companies and the good people backs, and increasing externalization therapies to market. Those collaborations
working in them to advance therapies and of research, the biotechnology sector are a strategic and important way for the

cures for patients. It just doesn’t get any posted employment gains, grow- Big Pharma companies to ramp up their
better than that. It’s a blessing and a privi- pipeline. We’re hopeful that the job market
ing 2.1 percent through the
lege to do what I do.
will settle down and get back on a positive
addition of 856 jobs over the
trajectory as a result of the new science
To read the full report of “Life Sciences in New Jersey: same ive-year period.
evolving from these collaborations and the

Looking Beyond Biotech,” visit www.BioNJ.org.
patent clif winding down.

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