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More than 235 biotechnology companies call New Jersey home. They range from early start-ups with just a few employees to fully functioning companies with research, marketing and sales offices.
More than 235 biotechnology companies call New Jersey home. They range from early start-ups with just a few employees to fully functioning companies with research, marketing and sales offices. In addition, 15 of the 25 largest pharmaceutical companies have major facilities in the State.
The State is more competitive today because of the vitality and growth of the biotech sector, and is now recognized as one of the top four markets for biotech in terms of the size of its life science. However, it is not taking that for granted. New Jersey has taken a strategic and proactive approach to increasing its competitive edge and growing its life sciences sector.
Glenn J. Phillips, Public Affairs Officer for the New Jersey Economic Development Authority, told Pharmaceutical Technology Europe about its plans: "Over the years, the State of New Jersey's business development approach has been multifaceted with the attraction of new foreign direct investment and the promotion of international partnerships being key elements of our economic development plan.
"To assist international companies interested in establishing a presence in New Jersey, our Office of International Trade provides a broad range of technical and financial services — export/import Assistance; customized trade consulting services; international business partnering; trade advocacy; site selection services; permitting and regulatory assistance; and coordination of available financial programmes.
CNBC's America's 'Top States for Business 2008' ranked New Jersey 2nd in technology and innovation, tied with New York. According to a state-by-state analysis released by Battelle and the Biotechnology Industry Organization (BIO) in 2008, New Jersey ranks high in two key performance areas. It is 3rd in terms of bioscience venture capital investments and 4th in the number of bioscience patents.
There is a range of options for European biotechnology companies interested in New Jersey to take advantage of, including business support services and funding opportunities.
Philips says: "Our Business Advocacy Team provides specialized financial and technical support services designed to meet the unique needs of businesses considering relocation to New Jersey. Our team can save a business valuable time and money by assisting with site selection services, identifying specific programmes a business is eligible for and providing regulatory assistance.
"In addition, our International Trade team can help companies identify buyers, find partners for joint ventures and strategic alliances, and provide free customized investment consulting services to international investors. More importantly, once a company establishes a presence in the State, the State has agencies and departments tasked with assisting those firms with their business development needs to not only remain in the State, but to grow their business in New Jersey."
From the incentive standpoint, New Jersey's most comprehensive financial and incentive initiative is its Edison Innovation Fund, which was created to attract and develop technology and life sciences businesses.
Since the launch of the fund in 2006, New Jersey has delivered in excess of $261 million in financing assistance, venture capital investments, job creation incentives, and tax credits to early-stage and established technology and life sciences businesses.
These investments are said to have leveraged more than a half a billion dollars in private capital investment and total project costs, and support the creation of 4000 new jobs and 12637 existing jobs.
Phillips adds: "We are continually working to assess our programmes and provide incentives to attract and facilitate international investment."