BioNJ White Paper Delivers Recommendations to Strengthen Life Sciences

By Anthony Birritteri, Editor-in-Chief On Feb 24, 2026

New Jersey is a biopharma powerhouse, and a white paper released today by BioNJ, the trade association that represents the life sciences industry, proposes a series of recommendations the state may consider as part of an eight-year plan to further strengthen this vital industry sector. 

Titled “Life Sciences in New Jersey: Prescription for Sustained Leadership,” BioNJ President and CEO Debbie Hart said she hopes the white paper will “spark meaningful dialogue about how the Garden State can strengthen its position and continue leading in this rapidly evolving landscape. 

“New Jersey has long been a critical economic engine for the United States, and the biopharmaceutical industry has been a driving force behind the state’s growth for generations,” Hart said during a webinar this morning. 

 “As the nation’s second largest biopharma hub, New Jersey generates $121 billion in economic impact — 7.8% of the state’s GDP and 2.5 times the US average. In 2024, New Jersey-based global biopharma companies generated $375 billion in revenue and advanced more drug candidates than any other state, supported by the nation’s largest and fastest-growing biopharma manufacturing workforce.” 

Despite these strengths, Hart said the Garden State still has “room to grow” when compared with hubs like Boston and the San Francisco Bay Area.  

Chris Cozic, BioNJ chair and the executive vice president & chief people officer for Plainsboro-based Genmab, explained that the report particularly focuses on “strengthening the life sciences’ startup ecosystem, attracting and retaining top talent, and identifying opportunities to bring more manufacturing back to New Jersey to support that long term growth.” 

Including analysis and information provided by McKinsey & Company, the report makes five recommendations to strengthen the state’s life sciences leadership: 

1. Elevate the State’s profile as a leading life sciences hub:

• Develop a clear value proposition that highlights the companies, unique incentives, and success stories as well as programs that support the ecosystem.
• Leverage the success of the economic development organization Choose New Jersey by identifyingand recruiting key segments of the industry, such as contract research organizations (CROs) and key companies to accelerate clinical trials, diagnostics, and treatment delivery. 
• Consider structural tax changes, such as lowering the corporate business tax, whichwill make New Jersey more competitive with neighboring states. 

2. Support a thriving startup and entrepreneurial ecosystem:

• Continue to investin New Jersey Economic Development Authority (NJEDA) financial initiatives, including the Angel Investor Tax Credit Program, the New Jersey Innovation Evergreen Fund, and the Technology Business Tax Certificate Transfer (NOL) program. 
• Continue to support Strategic Innovation Centers (SICs), such as Edge Works, the Healthand Life Science Exchange (HELIX), the Maternal and Infant Health Innovation Center (MIHIC), the Coriell Institute, and the Rowan Center for Innovation and Entrepreneurship. 
• Increase investment in Commission on Science, Innovation, and Technology (CSIT) programs, including Catalyst R&D vouchers, R&D seed grants, and Small Business Innovation Research (SBIR) assistance, which together have delivered a 15-times return on investment.
•  Sustain programs that equip entrepreneurs with resources and guidance on pitching, due diligence, and commercialization.
• Increase NJ academia and industry R&D collaboration with new initiatives such as grant programs, federal R&D matching dollars, and continued funding to expand the ResearchWithNJplatform to include all NJ academic institutions. 

3. Attract, retain,and reskill premier talent throughout the industry by supporting the expansion of workforce training initiatives, such as the NJ BioFutures program and the New Jersey Innovation and Research Fellowship Program. 
4. Promote New Jersey as the U.S.-based manufacturing partner of choice, continuing the Next New Jersey Manufacturing Program to spur investment, create new manufacturing jobs and incentivize the growth of CDMOs. Also, continue the NJEDA manufacturing voucher program and expand the scope to include equipment for R&D.
5. Develop strategies to attract and expand into adjacent sectors: Promote a dynamic inventory of available lab space to strengthen New Jersey’s position as a center for research and clinical innovation and attract CROs and emerging biopharma firms.Potentially offer turnkey funding in exchange for commitments to job creation. 

Startups Ecosystem in Early Stage 

Dr. Ian McLaughlin, senior vice president of government affairs and policy at BioNJ, said the state is at a pivotal moment in ensuring it remains at the forefront of cutting-edge bioscientific discovery and delivery. While he touted the industry’s powerful statistics, including being the second largest biopharma hub in the country (5,600 life sciences establishments); its sheer number of novel FDA approvals coming from companies with a footprint in New Jersey (totaling 43% of all FDA approvals last year); and the significant number of direct jobs (76,000) and the hundreds of thousands of indirect jobs the sector supports, McLaughlin said New Jersey’s startup ecosystem is still in its early stages, with significant room for expansion. “Over the past decade, private venture capital funding and deal volume in New Jersey has not changed meaningfully, while California and Massachusetts have seen about a 3.5x increase in deal volume and an 11x to 14x increase in funding dollars on average per year,” McLaughlin said. 

Hart said the New Jersey Economic Development Authority’s Innovation Evergreen Fund program is in direct response to the low VC numbers in the state. “The program is in its early days, but it has already ratcheted up some wins. The state has brought in at least three companies from Massachusetts as a result of the program,” she said. 

According to Hart, the white paper will serve as a guide to support the new Sherrill administration’s efforts to attract investment, strengthen the start-up ecosystem and reinforce New Jersey’s position as a leading life sciences hub. “New Jersey has the foundation and momentum to secure its leadership in the next era of life sciences,” Hart concluded. 

Click here to download a copy of the White Paper. 

To access more business news, visit NJB News Now.

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