New Jersey - A Tradition of Biotech Innovation
Biotech Location Guide 2009
One of the key benefits behind New Jersey's ranking as the eighth-largest biotechnology center in the nation is the state's strategic location. New Jersey adjoins New York City and Philadelphia, and sits in the center of the Northeast Corridor. Over 100 million consumers with a purchasing power of $2 trillion are within a 24-hour drive. With its highly developed network of roads, rail, air (including two international airports), and seaport facilities, New Jersey is the best-connected region in the country for speeding products to market domestically and overseas.
Perhaps equally important to the state's location is the talented work force that calls New Jersey home. New Jersey has the nation's highest concentration of scientific professionals, with 184,000 working statewide. More than 1.7 million residents are college graduates, and New Jersey ranks seventh in the nation in the number of Ph.D. scientists and engineers per 1,000 workers. The state continues to build on this highly skilled work force by investing over $130 million in worker training grants since 2002. This talent pool is also extraordinarily diverse - almost one in five residents is foreign born.
Part of the reason New Jersey is able to retain such a strong work force is the exceptionally high quality of life in the state. In fact, New Jersey ranked number one in quality of life in 2008 according to CNBC's list of America's Top States for Business. Outstanding public schools and institutions of higher education, world-class healthcare systems, a variety of cultural and recreational activities, 127 miles of white sandy beaches, and much more help keep New Jersey residents satisfied and international visitors and business executives feel right at home.
In addition, New Jersey offers a comprehensive toolkit of financing, incentive, and assistance programs designed to meet the needs of biotechnology companies in the state. The Edison Innovation Fund is a collection of specialized programs that has invested over $343 million in technology and life sciences companies since the program's inception in 2006. Programs such as the Business Employment Incentive Program (BEIP) grant and Business Retention and Relocation Assistance Grant (BRRAG) are powerful incentives for companies creating and retaining jobs in New Jersey. To help your company maximize the benefits of New Jersey's programs, an Account Executive will create a customized proposal detailing the programs for which your company may be eligible.
From Thomas Edison's 1,093 patents to today's daily breakthroughs, New Jersey has an ongoing tradition of innovation. To learn more about why companies like Eisai, Inc.; Hoffman-La Roche Ltd.; sanofi-aventis U.S.; Sun Pharma; and many more have chosen to continue this tradition by doing business in New Jersey, visit our website.
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