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Life Sciences Industry Fuels NJ Economy

With 13 of the top 20 global biopharma companies headquartered here, the state's large, unique concentration of life sciences companies is a major advantage, points out Cushman & Wakefield.

Robert Rudin, vice chairman, and Jason Price, tri-state suburbs research director of Cushman & Wakefield Robert Rudin, vice chairman, and Jason Price, tri-state suburbs research director of Cushman & Wakefield

PRINCETON, NJ—The life sciences industry is a driving force in New Jersey’s economy, fueling the state through revenue and job growth. According to a report by Cushman & Wakefield, the life sciences industry contributes $47.5 billion to the state economy annually, 86% higher than the national average for this sector. Many of the world’s largest life sciences companies are headquartered or have a major presence in the Garden State. Currently, there are 3,280 life science facilities in the state that employ more than 117,000 people in fields like pharmaceuticals, biotech and medical devices.

“New Jersey has a large, unique concentration of life sciences companies, as it contains the headquarters of 13 of the top 20 global biopharma companies in the Unites States,” says Jason Price, tri-state suburbs research director of Cushman & Wakefield. Half of FDA approvals “came from New Jersey-based life science firms in 2017, and the biotech employment rate has increased 12.6% in the past two years, which will continue to have a significant impact moving forward.”

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Steve Lubetkin

Steve Lubetkin

Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].

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