The Current State of the Biopharma Industry

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by Colette Balaam

I attended the BIONJ session and want to share their illuminating white paper, which takes an in-depth look at the current state of the biopharma industry in New Jersey. It explains that while the industry has long been—and remains—a major contributor to the state’s economy, its growth could be stronger. And it delves into the possible reasons and remedies.

Among the key points discussed:

–The growth of the overall US biopharma industry has significantly outpaced its growth in New Jersey over the 20-year-period between 1995 and 2015 (2.3% compound annual growth rate overall vs 1.4% in New Jersey)

–New Jersey has not benefited from as much federal and venture capital funding than peer states

–Higher costs may be one reason why California and Massachusetts have both become home to far more company startups than New Jersey from 2012-2015

To learn more about this topic, go to https://bionj.org/the-new-jersey-biopharma-industry-a-prescription-for-growth

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