New Brunswick, NJ, October 7, 2002 — For years, the telecommunications industry dominated our state’s economy. But over the last decade, the pharmaceutical and medical technology industry has become the key driver of our state’s economic well-being. This is evidenced by the fact that New Jersey is home to more pharmaceutical and medical technology companies than any other state in the country.
In addition to its economic contributions, the pharmaceutical and medical technology industry fosters a higher quality of life for all New Jersey residents. Through contributions to education, civic and community groups, as well as gifts to the arts and other health-related activities, the pharmaceutical and medical technology industry demonstrates its commitment to New Jersey time and time again.
Last year, for example, New Jersey’s pharmaceutical and medical technology industry contributed more than $92 million dollars to New Jersey based charitable endeavors.
In addition, through vigorous and dynamic research and development, the pharmaceutical and medical technology industry is positioning the state as a leader in innovation and discovery. Last year alone, more than half of all the new drugs approved by the U.S. Food and Drug Administration came from New Jersey. In terms of medical technology approvals, New Jersey ranked third among the fifty states, with total R&D expenditures equaling $15 billion.
This industry is primarily responsible for the fact that there are more scientists per square mile in New Jersey than any other state in the nation. It’s also a source of great pride that New Jersey’s pharmaceutical and medical technology companies are often cited among America’s most-admired workplaces.
And by drawing upon New Jersey’s bountiful assets, our companies continue to flourish. This industry adds 3,500 jobs each year and by 2010, is expected to grow by 10 percent.
New Jersey’s leading economists, Joseph Seneca and James Hughes, recently hailed our state’s pharmaceutical and medical technology companies as the “Crown Jewel” of New Jersey.
Although our state has had a partnership with this industry ever since Johnson and Johnson came to New Brunswick in the 1860s, the historic presence of this economic gem is often overlooked and misunderstood.
Yet despite the impressive accomplishments and contributions of this industry, we must continue to increase the public’s understanding of the challenges facing the industry. To that end, we continue to partner with decisionmakers, community and health leaders, as well as the general public to address challenges in our healthcare system.
From Alzheimer’s to diabetes, from children’s health to women’s health, our companies continue to lead the charge. Our researchers do remarkable work. Thanks to the revolution in life sciences that began with the mapping of the human genome back in 2001, life expectancy has soared while disability rates have plummeted. Ulcers have almost been relegated to the history books, and diabetes has become a manageable disease. Hospitalization is increasingly rare, since most diseases are routinely controlled by medicines before they do real damage.
The HealthCare Institute is proud to represent member companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. They deserve widespread appreciation and gratitude.
As the role and presence of the pharmaceutical and medical technology industry continues to grow, we will be looking for new and innovative ways to increase understanding and support of our industry. Because our companies are leading the way in the search for new cures, they deserve that support — and the State of New Jersey depends on it.