The Association of Biotechnology Led Enterprises, a not-for-profit organization representing the Indian biotechnology sector, has signed two separate memoranda of understanding that will strengthen New Jersey’s ties with cutting-edge biotechnology companies in India, Choose New Jersey announced Wednesday.
The MOUs are with two organizations: the Institute for Life Science Entrepreneurship, a New Jersey-based not-for-profit focused on supporting life science entrepreneurship based out of Kean University, and BioNJ, the largest life sciences association in New Jersey.
Launched in 2003, ABLE has over 400 members across India, and represents various sectors across the life sciences industry.
Choose New Jersey Chief Business Development Officer Catherine Scangarella said she feels both MOUs will increase collaboration and expand ABLE member companies’ presence in New Jersey, encouraging more Indian companies to do business in the state.
“This collaboration builds upon our robust business attraction efforts in India and will encourage leading Indian biotechnology companies to expand their operations in our great state,” she said.
ABLE was first introduced to New Jersey leaders during Gov. Phil Murphy’s business attraction trip to India with Choose New Jersey in 2019.
The New Jersey India Center, founded during that trip, helped facilitate ABLE’s relationships with key New Jersey partners and serves as the first point of contact for Indian businesses looking to expand in North America. India is one of New Jersey’s largest trade and investment partners, and Indian Americans represent the largest group of foreign-born residents in New Jersey.
Narayanan Suresh, the chief operating officer at the Association of Biotechnology Led Enterprises, said the group is eager for the partnership.
“We are thrilled to collaborate with BioNJ and Institute for Life Science Entrepreneurship, two leading biotechnology organizations in New Jersey,” he said.
“New Jersey’s location, along with its highly educated workforce and renowned academic institutions, make it an ideal location for Indian biotechnology companies looking to grow and expand their footprint internationally. New Jersey and India have longstanding cultural and economic ties, and these new agreements will only increase this vital collaboration and advance innovation.”
Here’s a greater look at the MOUs:
ABLE and BioNJ
This MOU will foster a collaborative relationship between the two organizations, establishing a long-term agreement for the sustained growth of both parties, while advancing the biotechnology industry in both New Jersey and India.
BioNJ CEO Debbie Hart said the agreement will benefit many.
“Alliances, such as the one between BioNJ and ABLE, are important in fostering new business opportunities, partnerships and research collaborations,” Hart said. “By bringing our members together, we will be able to achieve more and support the life sciences industry as a whole. Our goal is to make it easier for Indian companies to establish operations in New Jersey while assisting companies looking to expand outside of the United States.”
ABLE and Institute for Life Science Entrepreneurship
This MOU will establish training programs that will help support Indian biotechnology sector companies. ILSE, located at Kean University’s state-of-the-art STEM building in Union, is a life science technology accelerator, business incubator and research institute that supports startup life sciences businesses with physical space, shared equipment and support on industry issues. This MOU will provide ABLE members with entrepreneurship assistance in New Jersey as they look to expand in the U.S.
“The Indian biotechnology sector is thriving, and we look forward to working with ABLE and its members to expand their footprint to New Jersey and beyond,” ILSE Preisdent Thomas Richardson said.
“The New Jersey region — a leading global life sciences cluster — is the perfect place for ABLE members to thrive, and ILSE stands ready to provide the resources and expertise they need to achieve success in New Jersey’s innovation ecosystem.”