BioNJ, an advocate for New Jersey’s life sciences sector, released its white paper Feb. 24, titled “Life Sciences in New Jersey: Prescription for Sustained Leadership.”
Informed by McKinsey analysis, the report explores the current state of New Jersey’s life sciences sector, examines the macroeconomic forces shaping its trajectory and proposes a series of recommendations the state may consider as part of an eight‑year plan to further strengthen New Jersey’s leadership in life sciences.
“New Jersey has long been a critical economic engine for the United States, and the biopharmaceutical industry has been a driving force behind the State’s growth for generations,” said BioNJ President and CEO Debbie Hart.
“As the nation’s second‑largest biopharma hub, New Jersey generates $121 billion in economic impact — 7.8% of the state’s GDP and 2.5 times the U.S. average. In 2024, New Jersey-based global biopharma companies generated $375 billion in revenue and advanced more drug candidates than any other state, supported by the nation’s largest and fastest-growing biopharma manufacturing workforce.”
Even so, Hart said that despite these strengths, the Garden State still has “meaningful room to grow compared with hubs like Boston and the Bay Area.”
“BioNJ’s white paper serves as a guide to support the new administration’s efforts to attract investment, strengthen the start-up ecosystem and reinforce New Jersey’s position as a leading life sciences hub,” Hart continued. “New Jersey has the foundation and momentum to secure its leadership in the next era of life sciences.”
Drawing on this analysis, a clear picture emerged of New Jersey’s position and the forces shaping its future — leading to five key recommendations that highlight the State’s greatest opportunities to build on its strengths.
- Elevate the state’s profile as a leading life sciences hub.
- Support a thriving startup and entrepreneurial ecosystem:
- Attract, retain, and reskill premier talent throughout the industry by supporting the expansion of workforce training initiatives such as the NJ BioFutures program and the New Jersey Innovation and Research Fellowship Program.
- Promote New Jersey as the U.S.-based manufacturing partner of choice, continuing the Next New Jersey Manufacturing Program to spur investment, create new manufacturing jobs, and incentivize the growth of CDMOs. Also, continue the NJEDA manufacturing voucher program and expand the scope to include equipment for R&D.
- Develop strategies to attract and expand into adjacent sectors: Promote a dynamic inventory of available lab space to strengthen New Jersey’s position as a center for research and clinical innovation and attract CROs and emerging biopharma firms. Potentially offer turnkey funding in exchange for commitments to job creation.
“New Jersey’s life sciences industry has made significant progress in recent years, creating a powerful foundation for future growth. We now have an opportunity to build on this momentum and elevate New Jersey into a biopharma hub that sets the standard nationwide,” said BioNJ’s chair, and the executive vice president and chief people officer for Genmab, Chris Cozic. “The future of New Jersey’s life sciences sector depends on its ability to unite a strong legacy with forward-looking innovation.”
