3 min read August 2022 — Invest: interviewed Dean Paranicas, president and CEO of the HealthCare Institute of New Jersey, about the importance of the public, private and academic sectors in the growing life sciences industry in the state. “The pandemic has impacted so many things and the life sciences are right at the forefront of that,” he said.
What events in 2022 will have repercussions in healthcare?
It would be impossible to talk about where we are today and where we are going without talking about where we have been for the last several years. The pandemic has impacted so many things and the life sciences are right at the forefront of that, demonstrating the value of medical innovation and the industry’s rapid response, whether it be in diagnosis, treatment, vaccine or any aspect of healthcare to improve patient outcomes and quality of life. It has all been profoundly impacted in terms of how we have responded and how we have ushered in new research, practices, techniques, procedures, approaches and philosophy to address disease as quickly as possible.
What are some of the opportunities or challenges that you are tackling?
One big thing is playing a role in a dynamic life sciences ecosystem, which reaches across the state, with an expanding life sciences sector in the southern part of New Jersey. When I say ecosystem, I am referring to partnership among the public, private and academic sectors that are all required participants to have a supportive, competitive and growing industry ecosystem. We are evolving and we have seen many new practices in life sciences companies, as well as in healthcare delivery. The academic community provides critical R&D support to industry while the public sector creates a business climate to attract industry and encourage its investment in laboratory and clinical research.
Where is the life sciences industry going in terms of growth?
I think it’s important to frame what New Jersey represents for the global life sciences community. There is a reason that New Jersey is called the “medicine chest of the world.” Our job is to be part of it and help keep it that way because we are a global leader in the life sciences. We have nine Top 10 national rankings in this industry and we have a $121 billion economic impact across biotech, biopharma and medtech. This represents 19% of New Jersey’s GDP and supports, directly and through our supply chain, more than 430,000 jobs, which is 10% of the state’s total workforce. I think when you look at these numbers, or any industry of that scale, you are looking at a powerful economic engine and innovation engine.
We are the No. 1 state for stroke and heart disease medicines in development, and we’re the No. 2 state for cancer drugs in development. We are also the No. 2 region for NIH funding. This is a vibrant industry that is always growing and evolving. We are always looking for ways to innovate and participate with the academic and public sectors to attract new companies that want to relocate here and incumbents that want to expand here. However, we can’t sit still because this is a globally coveted industry and these companies have choices about where they want to invest. We need to provide the most attractive opportunities for their next dollar to be invested in New Jersey.
What partnerships are helping to grow the healthcare and life sciences industries of South Jersey?
The southern part of the state is vibrant with a growing foundation for innovation and research that provides outstanding partnership opportunities. The Camden Eds and Meds Corridor is part of a collaboration between Rowan and Rutgers Universities. You also have Cooper University Medical School and the new Virtua College of Medicine and Health Sciences at Rowan University coming on-line, as well as the world-renowned Coriell Institute for Medical Research in Camden. These facilities are indicative of great research institutions in southern New Jersey that are taking the lead in building a dynamic life sciences ecosystem in the region to continue advancing research to improve the human condition.
How is life sciences increasing life expectancy in the state and country?
For reference, since the turn of the 20th century, the average life expectancy was 47 years old and now it is 80. This is a 70% increase in life expectancy, primarily through advancements in medical innovation. It must continue to flourish but we need the right ingredients in place. Life sciences research is a very risky, expensive and lengthy proposition. The average time for a new medication to be developed and brought to market is between 10 and 15 years and costs nearly $3 billion, and the success rate is infinitesimal in terms of compounds researched versus FDA-approved and commercialized products. When you look at that and given what it takes, this is a key part of pushing the frontiers to develop more treatments to prolong life.
In addition, it is important to focus on social wellness in terms of nutrition and compliance with medical regimens. If they don’t, we know what happens. There is a big drop-off between prescriptions that are written and prescriptions that are filled more than once. That can cost our system between $100 and $300 billion a year. We could prevent 125,000 hospitalizations a year. Access is vitally important for patients in need; almost all companies have patient assistance programs that provide medicine for little or no cost. These factors will contribute to improved patient outcomes and a better quality of life.
How do you fight misinformation and skepticism about medical treatments?
Two key considerations are education and outreach. Life sciences companies and groups like HINJ continually engage with healthcare advocates and professionals, thought leaders and grassroots organizations to address patient and community concerns. These initiatives are intended to calm those fears, so we can reduce concerns with more quality information, enabling individuals to make informed decisions.
How do you impact healthcare costs?
Lowering costs and expanding access are shared objectives. Our goal is to try to provide access to the highest-quality healthcare for the least cost for everyone, while preserving the ability to allow for innovation to continue. It is a delicate balance with those considerations. We all work toward it. We advocate every day for ways that we can work together, while striking the balance to have the resources to continue to be innovative.
For more information, visit: https://hinj.org/
