New Jersey is, by any measure, the center of the world’s pharmaceutical industry.
The state is home to more than 300 biotechnology companies and 20 pharmaceutical and medical technology firms; 17 out of the world’s top 20 have major facilities in the state. This incredible concentration offers extraordinary opportunities for joint ventures, recruiting and research.
With its close proximity to prestigious academic institutions and important research centers, New Jersey also boasts the highest concentration of scientists in the United States.
In fact, the total number of trained pharmaceutical, biotech and medical technology workers in the state has more than tripled since 2001. The industry supports approximately 150,000 employees, all enjoying one of the highest standards of living to be found anywhere in the world.
Support for your success.
The success of biotechnology in New Jersey is due largely to a supportive state government and its innovative programs and policies.
A prime example is the Technology Business Tax Certificate Transfer Program. This program provides a new source of monies to small and mid-sized biotechnology companies by allowing them to sell net operating loss credits to profitable companies for cash. BioNJ was instrumental in its establishment.
Put it all together — a critical mass of industry presence, an educated and highly trained workforce, an active and supportive state government, an unsurpassed network of service providers, Wall Street across the river, the FDA and the NIH a brief train ride away, access to venture capital and angel funding, an international and local transit system that is second to none, the desirable Eastern Standard Time Zone for doing business with California and the UK in the same business day — and you have the ideal climate for building a biotech business.
For an overview of The State of New Jersey’s Financing, Incentive and Assistance Program, please CLICK HERE.