by Chrissy Buteas, President and Chief Executive Officer
HealthCare Institute of New Jersey (HINJ)
For over one hundred and fifty years, New Jersey has been known as the “Medicine Chest of the World.” Our state’s economy revolves around its innovation sector, which has been saving lives globally for generations. Life sciences companies in New Jersey contribute 15 to 20% of the state’s GDP, support hundreds of thousands of jobs, and generate billions in construction activity and vendor spending.
More importantly, these companies have spearheaded some of the most remarkable medical breakthroughs in the past 20 years, discovering treatments and cures that impact nearly every family worldwide.
However, New Jersey’s position as a global leader is not assured. Other states and countries desperately try to lure away our companies and the accompanying talent, construction investment, vendor spending, and jobs that have anchored New Jersey for over a century.
Here’s a tough reality: Pennsylvania, North Carolina, Delaware, Texas, Indiana, and several other states have aggressively invested in and strengthened their ecosystems. They are competing more directly for New Jersey’s capital, talent, and facilities. They’ll continue to lure away our economic crown jewel unless New Jersey shifts its focus in a few important areas. Read the full op-ed here.