NJ Biotechnology Industry Shows Growth

According to a study released from BioNJ, the biotechnology industry in New Jersey has shown growth in both the number of companies and the number of employees working for those companies. However, the survey also indicated that access to funding remains the primary challenge impacting the growth of early-stage companies.

In July 2010, the number of biotechnology companies with operations in the Garden State was just over 300. Two years later, the number sits at more than 340, representing an increase of more than 13 percent. The number of employees jumped 9.3 percent over the same time period, from 15,000 to 16,400.

"We are thrilled to see that the biotechnology industry in New Jersey continues to grow despite the ongoing issues facing the national and international economies," said Debbie Hart, President of BioNJ.

Hart said the growth is a result of several factors, such as an experienced and highly-educated workforce, as well as support from the Christie Administration.

"Good news about the continued growth of New Jersey's biotechnology industry is not unexpected," said Lieutenant Governor Kim Guadagno. "Early on, this Administration identified life sciences as a critical driver of the Garden State economy."

Confirming data from previous studies and keeping up with the national trend, funding for early-stage companies in New Jersey is a continuing challenge.

The report recommends the state develop and enhance economic incentives to attract and retain companies, as well as support companies at each stage of development.