BioNJ Releases Its White Paper "Life Sciences in New Jersey: Prescription for Sustained Leadership"

TRENTON, N.J., Feb. 24, 2026 /PRNewswire/ -- BioNJ, the leading voice and advocate for New Jersey's life sciences sector, today released its white paper, entitled "Life Sciences in New Jersey: Prescription for Sustained Leadership." 

Informed by McKinsey analysis, the report explores the current state of New Jersey's life sciences sector, examines the macroeconomic forces shaping its trajectory and proposes a series of recommendations the State may consider as part of an eight‑year plan to further strengthen New Jersey's leadership in life sciences.

"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," said BioNJ President and CEO Debbie Hart. "As the nation's second‑largest biopharma hub, New Jersey generates $121 billion in economic impact — 7.8 percent of the State's GDP and 2.5 times the U.S. 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."

"Yet despite these strengths, the Garden State still has meaningful room to grow compared with hubs like Boston and the Bay Area," added Hart. "BioNJ's white paper, 'Life Sciences in New Jersey: Prescription for Sustained Leadership,' serves as a guide to support the new 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."

Drawing on this analysis, a clear picture emerged of New Jersey's position and the forces shaping its future — leading to five key recommendations that highlight the State's greatest opportunities to build on its strengths.

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 identifying and 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, that will make New Jersey more competitive with neighboring states.
2. Support a thriving startup and entrepreneurial ecosystem:
   • Continue to invest in 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 Health and 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 ResearchWithNJ platform 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.

Click Here to Download a Copy of the White Paper

"New Jersey's life sciences industry has made significant progress in recent years, creating a powerful foundation for future growth. We now have an opportunity to build on this momentum and elevate New Jersey into a biopharma hub that sets the standard nationwide," said BioNJ's Chair, and the Executive Vice President & Chief People Officer for Genmab, Chris Cozic. "The future of New Jersey's life sciences sector depends on its ability to unite a strong legacy with forward-looking innovation. We are pleased to see that various insights and recommendations from the paper were included in the Governor's 'Driving New Jersey Forward: Economic Development and Innovation Transition Team Report'. We look forward to working with the new Administration to advance these recommendations and ensure that New Jersey remains the Medicine Chest of the World, delivering life-changing medical innovation to Patients around the globe."

BioNJ sincerely appreciates the analysis provided by McKinsey & Company of the New Jersey life sciences landscape. McKinsey & Company brought insights of exceptional depth and breadth across the sector, which significantly informed this work. Similarly, BioNJ is grateful to the members of its Board of Trustees and the broader life sciences community for their guidance, insights and expertise throughout the development of this white paper. Their perspectives, interviews and contributions were instrumental in shaping the analysis and strengthening the recommendations presented.

About BioNJ
Founded in 1994, BioNJ, the State's largest and most influential life sciences trade association, represents over 400 research-based organizations across the healthcare ecosystem — from the world's leading biopharmaceutical companies to early-stage start-ups — while championing Patients and advancing New Jersey's renowned life sciences industry.

Because Patients Can't Wait^®, BioNJ is dedicated to ensuring a vibrant life sciences community where Science is Supported, Companies are Created, Drugs are Developed and Patient Access to Lifesaving Medicines is Protected.

As a respected thought leader and sought-after convener of the life sciences community, BioNJ works with policymakers in Trenton and Washington, D.C., to advance the industry, foster medical innovation, and promote healthcare affordability. With innovation as the driving force behind medical breakthroughs, BioNJ's mission is to help our Members help Patients by providing transformative resources, including access to government and industry leaders, capital and State incentives, timely educational programs, skilled talent and a value-driven purchasing program.

For more information about BioNJ, please visit www.BioNJ.org.

Contact
Randi Bromberg
Sr. Vice President, Communications and Marketing
O) 609-890-3185
C) 609-955-1067
[email protected]

SOURCE BioNJ