What are BioNJ's recent initiatives?

In 2024, we launched several impactful initiatives, beginning with a strategic collaboration with Tech Council Ventures. Through this partnership, BioNJ and Tech Council Ventures joined forces to foster and accelerate innovation across the life sciences sector. By uniting BioNJ’s extensive network with Tech Council Ventures’ investment expertise, this collaboration will cultivate meaningful opportunities for early-stage companies to grow, thrive and expand within New Jersey’s dynamic ecosystem.

Additionally, we teamed up with Medidata to produce a white paper, entitled "Health Equity in Clinical Trials: New Jersey Participant Demographics”. This study compared the State’s performance with other states in various therapeutic areas. While New Jersey is performing relatively well, there is room for improvement in diversifying trial participants. Based on the findings, we made several policy recommendations aimed at enhancing diversity in clinical trial recruitment, and we plan to advocate for these changes in the upcoming legislative session. 

Meanwhile, in November, BioNJ launched the “Time Off for Clinical Trials” initiative, encouraging member organizations to offer paid time off for employees to participate in clinical trials. Recognizing the importance of clinical trials in advancing medical research, BioNJ is dedicated to ensuring that all eligible workers have the opportunity to participate. Initial supporters include Amicus Therapeutics, Bristol Myers Squibb, Genmab, PsychoGenics, PTC Therapeutics and Sanofi, with more companies expressing interest.

What is the significance of BioNJ’s MOU with BIO Quebec?

The signing of the MOU with BioQuébec, during a trade mission to Quebec with Governor Murphy, is a testament to our long-standing commitment to international engagement, a focus we've maintained since the early 2000s. This collaboration seeks to raise awareness of our region and foster opportunities for mutual growth, including partnerships, shared innovations and dual-location ventures. BioNJ’s member companies will gain access to opportunities in Quebec, while ensuring that companies in Quebec are aware of the growth potential in New Jersey. 

How have trends and regulatory changes impacted life sciences investments and priorities?

In 2024, the life sciences industry faced challenges, particularly around funding, largely due to the closed IPO window. The Inflation Reduction Act (IRA) notably impacted small molecules and rare diseases, leading companies to reassess investment strategies. A particular concern has been the reduction of patent life for small molecules, which is now 9 years compared to the 13 years for large molecules. This shift discouraged investment in small molecule therapeutics, delaying or even halting the development of vital therapies. 

Companies are adapting their investment portfolios to align with the new frameworks, especially given the high cost of drug development and regulatory uncertainty. This environment is leading many to refocus their investments on therapeutic areas with clearer regulatory pathways or those less impacted by the IRA. Companies are shifting operational priorities toward areas with higher confidence in regulatory approval. New Jersey continues to support these shifts with initiatives that foster growth, such as its $16 million investment in innovation hubs like the HELIX and SciTech Scity, and the collaboration with Princeton University on AI, reinforcing the State’s commitment to maintaining a strong, innovation-driven life sciences sector.

What is New Jersey’s market share in emerging technologies?

New Jersey is a leader in gene therapy, driving 40% of all cell and gene therapies currently in development. The State is home to pioneering companies such as Celularity, specializing in cell-based therapies, and Legend Biotech, advancing CAR-T cell therapies for cancer treatment. With these innovations, New Jersey is playing a pivotal role in shaping the future of gene therapy.

Additionally, New Jersey boasts more biomanufacturing facilities than any other state. Companies like Cellares, an innovative leader in cell therapy manufacturing, are expanding the State’s capabilities with their new 118,000-square-foot “Smart Factory” in Bridgewater.

Meanwhile, AI is rapidly becoming a transformative force within New Jersey's life sciences sector, driving advancements across the entire continuum from drug discovery to commercialization. The launch of an AI hub, announced by Governor Phil Murphy in partnership with Princeton University, positions New Jersey as a leader in leveraging AI to fuel scientific and industrial innovation. Notably, CoreWeave, a leading AI company, recently joined as a founding member of the new AI hub, alongside Microsoft.

New Jersey is home to eight of the top 10 global biopharmaceutical companies, nine of the top 10 R&D firms, and over 5,600 life sciences establishments. With nearly 120,000 jobs and a $121 billion economic output, these assets drive scientific progress and groundbreaking healthcare technologies. The State accounted for 43% of all novel FDA approvals in the past two years.

What factors drive New Jersey's life sciences leadership?

New Jersey has firmly established itself as a powerhouse in the life sciences industry, fueled by substantial investments from both the state government and the private sector. With world-renowned universities and research institutions producing a highly skilled workforce, the State offers an unmatched ecosystem for innovation and growth.

Boasting one of the world’s most skilled workforces in biopharmaceutical manufacturing, R&D, medical devices and cell and gene therapy, New Jersey is home to a thriving and diverse life sciences sector. The State’s investment in ResearchWithNJ.com connects companies with cutting-edge research at New Jersey universities, fostering partnerships and driving innovation to accelerate scientific and technological progress.

The New Jersey Economic Development Authority also plays a vital role in supporting this dynamic sector, offering essential financial incentives, tax credits and resources that encourage expansion. For example, the New Jersey Commission on Science, Innovation and Technology, which I proudly Chair, has delivered 400 awards totaling close to $20M since 2020 — resulting in investment in 274 start-ups supporting 558 new jobs.

This along with the creation of cutting-edge innovation hubs such as HELIX, NEST, SciTech Scity and ON3 underscore the State's unwavering commitment to advancing the life sciences. These strategic investments are building a strong foundation for continued success and positioning New Jersey as a hub of scientific and technological breakthroughs.

What are BioNJ's priorities for the next 24 months?

We remain adaptable and proactive, particularly as we anticipate potential shifts in government policies. A key focus is the ongoing impact of the IRA, which we are actively monitoring. We are committed to enhancing transparency around Pharmacy Benefit Managers (PBMs) and advocating for reforms that promote fairness. Additionally, we are addressing the complexities of the 340B Drug Pricing Program to ensure that funds are allocated to Patients and that therapies are delivered efficiently.

BioNJ is dedicated to keeping New Jersey at the forefront of the biopharma industry, ensuring it remains an ideal hub for growth, collaboration and success. Our mission is to sustain this momentum, strengthening New Jersey’s position as a leader in life sciences. Above all, we remain focused on helping our Members help Patients — Because Patients Can’t Wait.