10 Interesting Facts About the New Jersey Bioscience Industry
New Jersey’s bioscience community has experienced significant expansion and growth in the last few years. With a combination of elite universities, top-rated teaching hospitals, leading pharmaceutical companies and R&D institutions, it is a highly sought after location for job seekers and companies alike.
The proof is in the numbers. These facts and figures demonstrate New Jersey as a thriving global hub for the life sciences sector and show how it is also contributing to the strength of the region’s economic future:
- New Jersey is home to 17 out of the world’s 20 largest pharmaceutical leaders, contributing to its $24 billion industry.
- It is considered 4th most innovative state in the United States, according to Bloomberg.
- New Jersey boasts the world’s highest concentration of scientists and engineers per square mile —more than 225,000 of them statewide (126,000 life sciences/biopharma workers).
- It is ranked in 1st place for number of chemists, and in 2nd place for number of biochemist and biophysicists.
- Each year the state produces 22,000 life science graduates from superior higher education institutions.
- The annual economic impact of the life science industry in New Jersey is estimated to be $30.1 billion.
- Science and technology has always been its strong point – streptomycin, the transistor and the phonograph were all invented in New Jersey.
- There are 1,700 life sciences businesses (biopharmaceutical, biotechnology, medical device and diagnostic companies) currently operating in New Jersey.
- New Jersey plays host to over 380 biotechnology companies.
- There are 13 world-class teaching hospitals and three prominent medical schools.
- The state is positioned among the top ten for patents awarded per 1,000 employees in science and engineering.
Healthcare Institute of New Jersey