Guest column
By: Debbie Hart
The opportunity is now to attract, retain and develop biotechnology companies in New Jersey.
Today, there are more than 130 biotechnology companies in New Jersey, which is up from 80 in 1998. Additional new biotechnology companies are being formed and are growing at a rapid rate. These companies bring high paying jobs with annual salaries of $80,000 and higher.
The biotechnology industry will become more profitable in the next 10 years.
Meanwhile, other states and countries recognize this opportunity, and are working day and night to woo our precious biotechnology and pharmaceutical companies away as they struggle to build what we in New Jersey have come to take for granted: a solid, growing life sciences cluster. We need programs, such as the Business Employment Incentive Program, to protect our interests. And these companies need state incentives, such as the BEIP, to grow.
A prime example of the return on investment that is possible from these programs is Celgene, the ninth-largest biotech company in the world. Celgene employs more than 800 people today up from 35 in 1998. Celgene recommitted to New Jersey earlier this year, when it purchased the former Celanese site in Summit, where it is consolidating its corporate and research operations.
Although Celgene could have located anywhere in the world, the company chose New Jersey. And now, New Jersey taxpayers will have the benefit of Celgene income and payroll taxes. Additionally, Celgene employees will spread other revenues throughout the state as they visit restaurants, shops and other venues, promoting New Jersey economic growth.
Celgene is a shining example of the BEIP program in New Jersey and the sound investment it represents.
Debbie Hart is president of the Biotechnology Council of New Jersey, based in Princeton. For more information, visit www.biotechnj.org.