New Brunswick, May 18, 2012―Appearing on New Jersey Capitol Report with anchors Steve Adubato and Rafael Pi Roman, HealthCare Institute of New Jersey (HINJ) President and Chief Executive Officer Dean J. Paranicas discussed the current state of the life sciences industry in New Jersey, which he summed up as “encouraging.”
Among the encouraging news, Paranicas pointed to the strong numbers that HINJ unveiled last January in its “2011 Economic Impact Report.” The research, produced in association with Deloitte, found that the total economic impact from HINJ member companies on the state is more than $24 billion.
In addition, Paranicas said pharmaceutical and medical technology and device companies continue to move into New Jersey, bringing with them robust R&D investments, vendor spending, and highly skilled and well-paying jobs. Citing the HINJ-Deloitte report, he noted that HINJ member companies employ more than 51,000 people in New Jersey and are responsible for supporting another 75,000 jobs elsewhere in the state’s economy via their vendors.
According to Paranicas, New Jersey remains the “medicine chest of the world,” noting that 24 of the 30 largest biopharmaceutical and medical technology companies make the state either their global or North American headquarters or have significant investments here.
However, the HINJ President and Chief Executive Officer emphasized that “competition is fierce” because “it’s a highly coveted industry.” Other states—such as California, North Carolina, and Massachusetts—as well as other nations are aggressively vying for the industry’s investments, he said.
In order to keep New Jersey the historical industry leader, Paranicas said, “we need support from our elected officials.” He defined support as the creation and maintenance of an economic environment that encourages companies to invest more in the state.
The good news, Paranicas said, is “we have a great deal of support from the Christie Administration” as well as from elected officials on both sides of the political aisle in Trenton and Washington, DC. “We’re making lots of progress,” Paranicas added.
In addition to working with policymakers, Paranicas said HINJ is endeavoring to educate the greater business community and citizens of New Jersey regarding industry’s contributions to the state in terms of patients’ access to the medicines, technologies, and therapies they need; innovation, which is the industry’s “lifeblood;” and jobs.
Hosted by Emmy Award-winning anchors Steve Adubato and Rafael Pi Roman, New Jersey Capitol Report examines the Garden State’s most pressing public policy issues. New Jersey Capitol Report looks at political, social, and cultural issues affecting the people of New Jersey through in-depth conversations with the state’s top legislative leaders, political pundits, and “movers and shakers.”
To view the full episode of New Jersey Capitol Report, which was broadcast the week of May 12 on several stations, including NJTV, please click here. The Paranicas interview begins at the 11:15-minute mark.
Founded in 1997, the HealthCare Institute of New Jersey (HINJ) serves as the voice for the state’s life sciences industry. It seeks to expand public access to the latest and most innovative treatments for diseases and build awareness of the industry’s impact on New Jersey’s quality of life and economic well-being. It helps to advance the development and implementation of sound public health and business policies that support the interests of New Jersey, its people and its life sciences industry. For information, please visit www.hinj.org.