By The Honorable Bob Franks, President, HealthCare Institute of New Jersey
Hillside, NJ, February 14, 2003 — HealthCare Institute of New Jersey (HINJ) President Bob Franks today issued the following statement:
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New Jersey’s life sciences cluster is vital to our state’s economic future.
Today’s report clearly indicates that we have some challenges ahead of us. Although the pharmaceutical and medical technology industry leads our state in the area of private research expenditures, New Jersey lags behind in NIH and public funding of all types.
And despite the fact that our industry has important relationships with New Jersey’s research universities, a great deal more needs to be done to strengthen that alliance.
This report demonstrates that other states are being extremely creative and aggressive in their efforts to attract investment from this industry to their states. To preserve New Jersey’s leadership role in health care, we need to continue our innovative leadership — both public and private — and invest in the life sciences cluster to ensure its growth.
To that end, government has an important public policy role to play in the development and nurturing of this industry. The federal government and its policies play a significant role in shaping our industry, impacting our ability to discover new breakthrough medicines and develop innovative medical devices. The federal government must fully protect this industry’s intellectual property and foster innovation.
I am pleased that Professor Porter’s work recognizes this important dynamic.
State government also needs to be an integral partner. When Governor McGreevey asked our industry to participate in this study, we believed it was an important recognition by the Governor that pharmaceuticals and medical technology had truly assumed the status of New Jersey’s premier industry.
The completion of this study by Professor Michael Porter, an internationally renowned expert, underscores this importance. As we move forward with implementing the recommendations of this study, we will be looking to the Governor and state policy-makers to embrace the concerns of the life sciences cluster.
New Jersey has a long and proud history in the research-based pharmaceutical and medical technology industry. We believe New Jersey’s best days are ahead of us in the life sciences.