New Jersey has long been known for having a thriving life sciences ecosystem — including top-ranked research universities, a highly skilled and highly trained workforce that includes the country’s highest concentration of engineers and scientists per square mile, and flexible and creative economic incentive programs.
The 2024 New Jersey Life Sciences Report, released this week in conjunction with the Bio International convention in San Diego that is drawing a global audience, highlighted all that — plus the state’s growing number of world-class sites that companies can call home.
“New Jersey’s life sciences industry stands at the forefront of innovation and excellence, with one of the world’s premier life sciences ecosystems,” Choose New Jersey CEO Wes Mathews said.
“Through world-class facilities, skilled talent and unique partnerships, the state’s rapid investment in its life sciences infrastructure means there has never been a better time for businesses to locate and expand in New Jersey.”
The report highlighted the top-tier research & development and manufacturing spaces, including repurposed legacy sites that are business-ready and cost-effective. These sites reduce administrative burdens and delivery risk, which can cut construction costs by up to 90%. They also provide a robust infrastructure that offers both early-stage and established companies operational flexibility and significant cost savings.
Dan Loughlin, a vice chairman at JLL and universally regarded as the top life sciences broker in the state, said New Jersey has a lot to offer.
“New Jersey’s robust infrastructure and strategic location make it an ideal hub for life sciences innovation,” he said. “The state’s ability to support ambitious growth in the life sciences industry is reinforced by a thriving workforce and high-quality real estate that is globally competitive and readily available, further cementing its position as a vibrant life sciences ecosystem.”
The state boasts over 22 million square feet of existing lab space, with millions of square feet available for lease or purchase. The ongoing and planned construction of first-class life sciences campuses and hubs puts that number on pace to increase 27% by 2026. Whether companies specialize in biopharmaceutical manufacturing or R&D, medical devices or cell and gene therapy, New Jersey has space for ambitious growth plans and the workforce pipeline and programming to help companies succeed.
Life sciences industry leaders share their success stories in the report and are the subject of case studies detailing New Jersey’s unique offerings to support cutting-edge manufacturing and R&D companies.
“New Jersey continues to lead the way in life sciences innovation, with more than 50% of all new FDA approvals in 2023 coming from companies within the Garden State, thanks to its robust and collaborative life sciences ecosystem,” BioNJ CEO Debbie Hart said.
“Life sciences companies achieve greater value for their investment in New Jersey, partly due to its strong research institutions, supportive government policies, deep talent pool, and affordable lab space.”
New Jersey Economic Development Authority CEO Tim Sullivan agreed.
“This report vividly illustrates the richness of New Jersey’s life sciences ecosystem, which continues to thrive and grow under the leadership of Gov. Phil Murphy,” he said. “By combining NJEDA incentives with the Garden State’s logistical advantages, high-quality real estate options and top-ranked workforce, New Jersey becomes an obvious choice for life sciences companies seeking growth opportunities and collaborative partnerships.”
Additional key highlights of the 2024 New Jersey Life Sciences Report include:
- New Jersey’s manufacturing workforce ranks No. 2 in the country and has 307% more employees than the national average;
- New Jersey is a leader in biopharmaceutical manufacturing, with eight of the Top 10 pharmaceutical companies in the world having a significant presence in the state;
- New Jersey is a leader in biopharmaceutical research & development, with an impressive nine out of the Top 10 R&D companies in the world having a presence in the state;
- New Jersey’s medical device sector is bolstered by the presence of eight of the Top 10 medical device companies in the U.S. The state has approximately 390 medical device manufacturing sites, providing employment opportunities for about 11,000 individuals — 22% more than the national average;
- New Jersey is a leader in cell and gene therapy, with 40% of all therapies in development taking place in the region;
- New Jersey is ranked as the most-improved state for business, according to CNBC. The state is doubling investments in health sciences and rapidly positioning itself as a leader in generative artificial intelligence;
- New Jersey has world-class infrastructure and connectivity. Delivery of goods and access to customers is easy and efficient, with Newark Liberty International Airport, part of the busiest airport system in the country, the Port of New York and New Jersey, the East Coast’s busiest seaport, and the highest railroad density in the country. Infrastructure and connectivity ensure businesses in the state have access to top markets in the country and around the world;
- New Jersey has top-ranked pre-K-12th grade public schools. High-quality education starts at the earliest stage and continues until students are ready to apply to their choice of the best colleges and research universities in the U.S.
Read the 2024 New Jersey Life Sciences Report here.
