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New Jersey's Best and Brightest Minds Discuss Challenges Facing Medical Innovation, Call for Policies to Preserve U.S. Leadership in Research and Development
Date:12/1/2009

ted a total of 211,287 jobs and $58.9 billion in output in 2006, according to a recent study conducted by Archstone Consulting and Dr. Lawton R. Burns, Director, The Wharton Center for Health Management and Economics at the Wharton School, University of Pennsylvania.

This study also found:

  • Biopharmaceutical companies invested $7.9 billion in research and development in New Jersey in 2006.
  • Direct biopharmaceutical wages in New Jersey were estimated to be $5.8 billion in 2006, resulting in an estimated $1.5 billion in federal taxes and $165.2 million in state taxes.
  • In 2008, U.S. scientists and researchers were conducting 21,795 studies to develop medicines targeting cancers, rare diseases, and other important conditions. Of these trials, 2,016 (10% of U.S. trials) were active in New Jersey.

"Medical innovation plays a significant role in New Jersey's economy," said Congressman Frank Pallone, Jr., (NJ-6), who was a featured speaker at the forum. "The pharmaceutical and medical technology industries support hundreds of thousands of jobs here, and the medical research and breakthroughs happening in our universities bring countless benefits to the people of our state. We must continue to work hard to maintain New Jersey's distinction as 'the medicine chest of the world'."

In addition to the economic importance of medical innovation to the state of New Jersey, speakers addressed the public policies that are needed to ensure New Jersey continues to be a leading place to conduct world-class life sciences research and business in coming years.

"The medical innovation industry has become New Jersey's most important economic engine. We know how to discover and develop breakthrough medicines, technologies and treatments," said Bob Franks, President of the HealthCare Institute of New Jersey. "But if we are to remain competitive, we are going to need policies that provide better incentives for
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SOURCE Council for American Medical Innovation
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