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HealthCare Institute of New Jersey Releases 2011 Biopharmaceutical and Medical Technology Economic Impact Data
Date:1/4/2012

NEW BRUNSWICK, N.J., Jan. 4, 2012 /PRNewswire/ -- The HealthCare Institute of New Jersey (HINJ) today released key findings of its 2011 economic impact survey, which indicates that the life sciences continue to play a leading role in driving New Jersey's economy. For the eighth consecutive year, the study was conducted by Deloitte.

While the data reported shows a slowing of economic activity, it is important to note that the  2010 results included in the 2011 economic impact survey come from five fewer companies (19) compared to those who contributed the calendar year 2009 results (24), included in the 2010 economic impact survey, making year-to-year comparisons considerably less meaningful. Participation in the annual survey by HINJ member companies is voluntary and confidential.

"Although we had 20 percent fewer companies participating in this year's survey, those that did supply data demonstrate that the life sciences industry continues to be a major economic driver in New Jersey," said Dean J. Paranicas, HINJ's President and Chief Executive Officer. "However, New Jersey continues to face stiff competition from around the world and within the U.S. for our industry's investment. If anything, this data reinforces the need for our leaders in Trenton and Washington to continue to pursue policies that create a more competitive and attractive business climate here, and we look forward to continuing to work with them to achieve this objective."

Paranicas added that HINJ and its member companies applaud actions taken over the past several months by Governor Christie and the State Legislature to make New Jersey more competitive and attractive for life sciences investment. They include an aggressive and competitive business recruitment and retention program, adopting the single sales factor as the basis for calculating New Jersey's corporate business income tax, and enhancing the Business Employment Incentive Program (BEIP) to promote greater p
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SOURCE HealthCare Institute of New Jersey
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