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AN INNOVATION ECOSYSTEM
With a history of developing lifesaving medicine for over a century, New Jersey is where discovery happens.Research,talent,funding, available space, university partnerships and industry expertise– New Jersey has it allfor life sciences companies.
Home to 14 of the top 20 pharmaceutical companies, you’ll be in good company. A number of industry leaders have found success here,including Celgene (a trailblazer in oncology, acquired by Bristol-Myers Squibb for $74 billion in 2019) and Amicus Therapeutics(whichreceiveditsfirst FDA approval for rare diseasesin 2018).
We have the brain power to build your business.New Jersey has the largest concentration of scientists and engineers per square mile in the U.S and over 3,200 life sciences companies operating across all sectors. New Jersey is the only state that specializes in four of the five bioscience subsectors.
No matter the size of your company, New Jersey will greet you at every stage of growth. From incubators to stand alone laboratory space at research parks and hubs, you’ll find the support you need here, along withworld-classresearch universities,medical schoolsand some of the besthospitalsinthe country.
Do you need specific information for your business? Contact us.
STATE FOR EMPLOYED
BIOCHEMISTS AND BIOPHYSICISTS
Source: Bureau of Labor Statistics,
Occupational Employment & Wages, May 2021
Scientists & Engineers
Per square mile in the U.S.
Source: National Science Board, 2021
OF THE TOP 20 global
Source: Pharmaceutical Executive, 2021
A Global Hub for Life Sciences
Let New Jersey be your gateway to the North America. New Jersey is home to 15 Fortune 500 companies and 995,000 companies with a foreign parent.
Ourcentral locationandinfrastructure will get you to where you want to go.A location in New Jersey offers easy access to financial markets and regulatory centers. Northern New Jersey is less than 20 minutes away from Manhattan and Washington D.C. is 3 hours away by train. New Jersey is located in the middle of the Boston – New York City – Washington D.C. corridor, one of the world’s most concentrated and affluent markets with 56.5 million residents and $3.75 trillion in economic output.
With the busiest seaport on the U.S. East Coastand one of the busiestairports in America, New Jersey moves people and products like no other state. Newark Liberty International Airport and regional airports offer service to 340+ nonstop domestic and 260+ nonstop international destinations.
Diversity is our strength and makes innovation truly possible. We are the fourth most diverse state in the nation with the second-largest foreign-born population.
HIGHLY EDUCATED, HIGHLY SKILLED
New Jersey is home to the highest concentration of scientists and engineers per square mile than anywhere else in the U.S. We offer companies an ever-growing pool of STEM talent from our eliteresearch universities—including #1 ranked Princeton University and Big Ten Academic Alliance member Rutgers University—that offer graduate and postgraduate degrees in biomedical and healthcare fields. Our State has the #2 highest concentration of STEM awards.
From preschool to graduate school, we invest in our students to help us build the foundation for innovation. New Jersey ranks #1 for educating students at every level and is home to High Technology High School in Lincroft—the #1 STEM high school in the country.
REGION FOR NIH FUNDING
Source: NIH Data, 2021
U.S. LIFE SCIENCES CLUSTER
Source: Genetic Engineering & Biotechnology News, March 2021
OF 2020 FDA APPROVALS
Source: FDA, 2020
accelerating R&D and Commercialization
Trust New Jersey togetyour product to market.We’re home to 8 of the world’s top 10 companies for R&D productivity, includingJohnson & Johnson and Merck & Co.
From lab to shelf, New Jersey’s diverse and expansive life sciences ecosystem has the support, funding and resourcesneeded for success. Many leading contract research organizations (CROs) and contract manufacturing organizations (CMOs) are located here. The New York/New Jersey region ranks #1for NIH funding.
The concentration ofour research hospitals, medical schools and universities, combined with the State’s population density, multicultural diversity and transportation infrastructure makes New Jersey a perfect location for clinical trials. Today, there are more than 11,900 clinical trials in New Jersey.
Our state has one of the highest concentrations of specialized commercialization expertise in the U.S. Nearly 23,000 members of the State’s life sciences cluster are focused on pharmaceutical manufacturing—that’s 3x the national average.
In 2020, companies with a footprint in New Jersey represented 39 percent of all new FDA drug and therapy approvals.
Our objective in relocating to New Jersey was to be right in the middle of the action, where we could easily connect with, and recruit, top researchers and scientists and also provide an excellent location for our employees to raise their families.”
State for Cancer Drugs
Source: PhRMA, January 2020
Source: Business Facilities, July 2021
FDA-registered biopharma manufacturing facilities
Source: FDA, 2019
Life Sciences Sub-Sectors
Among the top 3 U.S. life sciences clusters, New Jersey companies are saving lives. There are over 300 drug and pharmaceutical establishments in New Jersey employing nearly 22,000.Pharma powerhouses likeEisai, Novartis, Eli Lilly, J&J and Allerganareleading the way in the treatment and prevention of Alzheimer’s disease while Pfizer, Bristol-Myers Squibb, Merck and Novartis areimproving the lives ofcancer patients around the world. New Jersey is the #2 state for cancer drugs in development.
TOP NEW JERSEY PHARMACEUTICAL COMPANIES
Source: Pharmaceutical Executive, 2020
New Jersey is ranked #2 state for biotech strength and many companies arepioneering patient-centric treatments withcell and gene therapy breakthroughs. The first ever FDA approved CAR-T cell therapy was developed by Novartis in 2017.New Jersey’s higher education institutes are also on the forefront of next-generation therapeutics: New Jersey Institute of Technology (NJIT) is preparing a specialized workforce with a first of its kind professional science master’s degree program and professional graduate certificate in cell and gene therapy. The New Jersey Innovation Institute (NJII) is home to BioCentriq – an industry-facing contract development and manufacturing facility to bring cell and gene therapies to market.
New Jersey’s innovation ecosystem also includes world-class biobanks, like Infinity BiologiX (a spin-out of Rutgers University) and theCoriell Institute of Medical Research.
Leading Biotech Companies
|3||Bracco Diagnostics, Inc.|
|4||Cancer Genetics, Inc.|
New Jersey is leading the development of innovativemedical devices, from neuro-stimulators to robotic assistance and implantable electronic devices. There are nearly 300 medical device firms in New Jersey employing over 13,200. Twelve and of the top 20 medical device companies call New Jersey home.
Strong collaboration between New Jersey’s 42 teaching hospitals, 5 medical schools, and 6research universities has allowed companies located here to bring disruptive technologies to market.From research to talent recruitment,New Jersey’s nationally rankedhealthcare system – including Hackensack Meridian Health, our State’s largest and most comprehensive and integrated health network – stands ready to support the private sector.
INCUBATORS & ACCELERATORS
Calling all entrepreneurs: it’s easy to test new ideas here.New Jersey’s life sciences incubators offer companies access to both wet and dry labs, as well as a variety of support services, technical assistance, and access to funding and mentoring to help you grow. Our State is also ready to accommodate biotech companies at stand-alone space at research parks, and university-affiliated innovation hubs.
COMPARISON OF REAL ESTATE COST BY REGION
|wdt_ID||Asset Class||New Jersey||California||Massachusetts||North Carolina||New York||Pennsylvania||Connecticut|
|6||Class A Office Space¹||$36.36 (North) |
|$79.06 (San Francisco) |
$46.81 (Los Angeles)
$49.44 (San Diego)
|$75.18 (Cambridge) |
|$34.20 (Durham-Raleigh)||$90.82 (Manhattan) |
|$33.11 (Philadelphia) |
|$22.35 (New Haven) |
$36.11 (Fairfield County)
|7||LAB Space²||$37.50 (Statewide)||$75.84 (San Francisco) |
$30.72 (Los Angeles)
|$123.52 (Cambridge) |
|$24.97 (Durham-Raleigh)||$85.00 (Manhattan)||$46.23 (Philadelphia)||N/A|
|9||Industrial Space⁴||$12.58 (North) |
|$18.83 (San Francisco) |
$13.78 (Los Angeles)
$14.76 (San Diego)
|$10.75 (Boston)||$6.35 (Durham-Raleigh)||$12.45 (Long Island) |
$20.60 (Outer Boroughs)
|$6.99 (Philadelphia) |
|$5.25 (Hartford) |
$6.54 (New Haven)
Source: Cushman & Wakefield Q4 2021, JLL Q3 2021
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RESOURCES TO SUPPORT GROWTH
New Jersey offers a number of valuable programs for qualified life sciences companies, including incentives specifically created to support startups and early-stage ventures.
Technology Business Tax Certiﬁcate Transfer Program (NOL)
This incentive gives companies the ability to sell their net operating tax losses and R&D tax credits.
Founders & Funders
Emerging companies can gain access to angel and venture capital investors.
Angel Investor Tax Credit Program
Provides refundable tax credits against New Jersey corporation business or gross income tax.
NJ CoVest Fund
Provides growth capital to early-stage technology and life sciences companies.
Provides free rent support for entrepreneurs seeking to operate in collaborative workspaces, while providing workspaces with a competitive advantage and greater value proposition to offer prospective tenants.
Edison Innovation Fund
Emerging life sciences and technology companies are provided growth capital to directly fund uses such as hiring key staff, product marketing & sales.
Workforce Training Grants
Competitively awarded training grants help companies develop industry-specific solutions to workforce challenges.
WHAT CAN CHOOSE New Jersey DO FOR YOU
Relocation & Expansion Services
We provide customized RFI responses, demographics, detailed market assessments and other complimentary business relocation and expansion services. When your company chooses to grow in New Jersey, we also will help you publicize your good news.
We’ll make your property search seamless, so you find the site that best meets your relocation or expansion needs.
Economic Development Connections
Our public and private partners provide a wide range of services. From higher education research collaboration to regulatory and legal assistance to workforce training, they’ll ensure you have a smooth landing.
Business Development Officer