BioNJ unveils roadmap to boost NJ life sciences leadership

The basics:

• BioNJ white paper sets 8-year plan to maintain NJ’s global life sciences leadership
• Priorities include talent, startup support, manufacturing incentives, sector expansion
• New Jersey hosts 8 of world’s top 20 biopharma companies; has $121B biopharma GDP impact
• Report aligns with Governor’s transition priorities to attract investment

BioNJ released a new white paper Feb. 24. “Life Sciences in New Jersey: Prescription for Sustained Leadership” outlines an eight-year strategy to strengthen the state’s position as a global biopharma hub.

Informed by McKinsey analysis, the report highlights New Jersey’s significant assets:

• Eight of the world’s top-20 biopharma companies are headquartered here — generating $375 billion in 2024 revenue
• A $121 billion biopharma gross domestic product impact, 7.8% of the state’s economy
• 5,600 life sciences establishments
• A 76,000-person workforce, including the nation’s largest and fastest-growing in biopharma manufacturing

“Yet despite these strengths, the Garden State still has meaningful room to grow compared with hubs like Boston and the Bay Area,” said BioNJ President and CEO Debbie Hart.

To sustain leadership, the report recommends five priorities:

1. Elevate New Jersey’s profile as a life sciences hub
   Including tax competitiveness as well as targeted recruitment of contract research organizations and related sectors
2. Strengthen the startup ecosystem
   Through expanded funding programs, support for Strategic Innovation Centers as well as restored investment in Computer Science and Information Technology (CSIT)initiatives
3. Attract, retain, and reskill talent
   Via workforce training and fellowship programs
4. Position New Jersey as the premier U.S.-based manufacturing partner
   Through incentives, such as the Next New Jersey Manufacturing Program
5. Expand into adjacent sectors
   Such as CROs as well as AI-enabled clinical trials to diversify and future-proof the industry

“BioNJ’s white paper, ‘Life Sciences in New Jersey: Prescription for Sustained Leadership,’ serves as a guide to support the new administration’s efforts to attract investment, strengthen the startup ecosystem and reinforce New Jersey’s position as a leading life sciences hub,” said Hart.

“New Jersey has the foundation and momentum to secure its leadership in the next era of life sciences.”

BioNJ’s newly installed chair, Chris Cozic, echoed those sentiments. “New Jersey’s life sciences industry has made significant progress in recent years, creating a powerful foundation for future growth,” he said. “We now have an opportunity to build on this momentum and elevate New Jersey into a biopharma hub that sets the standard nationwide.”

Cozic is also executive vice president and chief people officer for Genmab.

Securing New Jersey life sciences future

He says the future of New Jersey’s life sciences sector depends on its ability to unite a strong legacy with forward-looking innovation.

“We are pleased to see that various insights and recommendations from the paper were included in the Governor’s ‘Driving New Jersey Forward: Economic Development and Innovation Transition Team Report,’” said Cozic. “We look forward to working with the new administration to advance these recommendations and ensure that New Jersey remains the Medicine Chest of the World, delivering life-changing medical innovation to patients around the globe.”

“New Jersey’s life sciences industry is at a crucial point for expanding its global leadership,” the executive summary of the report states. “At a time of unprecedented innovation and uncertainty, New Jersey has a unique opportunity to attract new investment, support its startup ecosystem, and strengthen its position as a leading hub.

“By investing proactively in key initiatives, New Jersey can secure its long-term future and lead the next phase of life sciences growth.”

The full white paper is available here.