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NJBIZ: Why the Garden State continues to attract life science companies

The state’s century-plus legacy as “the medicine chest of the world” and its continuing commitment to innovation mean New Jersey is likely to remain a life sciences powerhouse, said Dean J. Paranicas, CEO of the HealthCare Institute of New Jersey, HINJ, a trade association for the state’s research-based biopharmaceutical and medical technology industry.

“New Jersey continues to replenish and nourish an innovative ecosystem consisting of the academic, private and public sectors, and we offer an incredible, educated workforce,” he said. “The New Jersey-New York region ranks No. 3 on Genetic Engineering & Biotechnology News’ 2018 top 10 U.S. biopharma clusters list, while Philadelphia is ranked No. 6.”

He said the state’s value isn’t limited to just the number of companies, though. “The fact is, there are all kinds of collaborations going on,” according to Paranicas. “Established companies and new ones work together, the academic community gets involved, and value is also added by the state’s comprehensive vendor network, and a strong manufacturing base. The topping is the state’s position as a transportation hub, easy access to capital markets, and a diverse population. I’m excited about the future.”

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