3 min read February 2023 — In an interview with Invest:, Debbie Hart, president & CEO of life sciences association BioNJ, talked about the current state of the industry specifically within NJ and efforts to ensure entrepreneurs are able to innovate and collaborate for the benefit of the public. Hart explained that one of her main goals is to increase health equity in clinical trials and what the organization has been doing to accomplish that.
What is the role of the life sciences sector in the New Jersey economy?
New Jersey is a leading life sciences hub. The State stands out in its breadth of industry with employment concentration in three of five key industry subsectors – pharmaceuticals; research, testing, and medical labs; and bioscience-related distribution – as well as a high concentration in a fourth subsector: medical devices and equipment. As the “Medicine Chest of the World,” New Jersey is home to eight out of the top 10 global pharma companies and nine out of the top 10 R&D companies. With nearly 4,500 biopharma establishments, New Jersey leads the tri-state region with an annual economic impact of $108.3 billion. New Jersey leads the country in medical innovation originating from the Garden State – with nearly 50% of FDA drug approvals in 2022 from companies with a footprint in New Jersey.
What does your new role with the Commission on Science and Technology (CSIT) involve?
I am thrilled to serve as the Chair of the NJCSIT. Collaboration across business, higher education and government is critical to advancing innovation and growing New Jersey’s economy. CSIT’s mission is to bring together leaders in academia, industry and government to identify and stimulate academic-business collaborations to support entrepreneurs in order to advance economic development and employment. CSIT offers a suite of resources to help New Jersey start-ups thrive. To date, CSIT has provided more than $9 million in funding to 200 startups. Those companies are hiring and expanding and leveraging those dollars to raise additional funds. This is exactly as the governor envisioned. I am pleased to be able to play a role.
Have there been any shifts in the way you and your team provide value to members?
BioNJ’s vision has remained steadfast since the start to ensure that New Jersey is a place where medical innovation is happening and is unencumbered and that patients can access that innovation. The specific services under that vision have evolved over the years under the overarching commitment to enable and support sound public policy, to ensure that our members are educated and can network with each other, and that funding and talent are abundantly available.
What makes the NJ market attractive to life sciences?
New Jersey really is a unique place with an outstanding pool of talent from early-stage innovators to marketing and commercialization experts, plus 27,000 life sciences graduates each year and the world’s highest concentration of scientists and engineers per square mile – more than 225,000 statewide.
Just as importantly, New Jersey has a service provider network that is second to none; in terms of accountants, attorneys, clinical research organizations, contract manufacturing organizations and others that help companies bring medicines and therapies to market. And, with our legacy of being home to the world’s largest biopharma companies, there is an opportunity to partner with leaders, such as Johnson & Johson, Bristol Myers Squibb, Merck and many more.
The support that the State government provides in the form of novel incentives has grown over the years, from the Technology Business Tax Certificate Transfer program, which allows companies to sell their NOLs and the Angel Investor Tax Credit, to the Evergreen Innovation Fund and so much more.
Is there any legislation you are keeping an eye on?
BioNJ advocates for legislation that advances medical innovation, supports entrepreneurial and innovation companies and ensures patients have access to the medications they need when they need it.
For instance, pharmacy benefits managers (PBMs) play a significant role in determining what a patient pays at the pharmacy counter. PBMs are under-regulated and some of their practices are hurting patient access. Until recently people didn’t understand their role and their impact on costs. So, we have made it our mission to shine a light on that.
Similarly, the recently passed Inflation Reduction Act (IRA) fell short in its attempt to solve the underlying issues driving higher patient out-of-pocket costs, and will actually threaten future medical innovation. The price-setting provisions included in the IRA are projected to result in 135 fewer new cancer drug approvals by 2039 and 551 fewer HIV/AIDS clinical trials over a similar time period.
What are some key trends you are following?
The pandemic pushed government as well as the biopharmaceutical industry to be more resourceful, innovative, collaborative and flexible to advance drugs more efficiently. During the pandemic, innovation and technology enabled us to quickly advance the use of telehealth and data sciences and analytics to safely bring vaccines to market with record speed. Moving forward, the healthcare ecosystem will see an increase in telehealth and decentralized clinical trials, increased use of artificial intelligence (which played a major role in the development of mRNA vaccines), automation of manufacturing processes and warehouses and greater and more diverse collaborations. The industry has made significant investments in the design, maintenance and modernization of their manufacturing facilities and quality control and testing systems. In fact, New Jersey has the largest number of FDA-registered biopharmaceutical manufacturing facilities – leading the nation with 180 sites.
Meanwhile, revolutionary cell and gene therapy breakthroughs, as well as pioneering gene editing technologies like CRISPR, are changing the way we treat – and cure – disease. 30% of all cell and gene therapies in development are being done in the New Jersey region.
What is your outlook for BioNJ and the market over the next three to five years?
BioNJ is excited and optimistic about the future outlook of the life sciences industry in New Jersey. Medicines are helping patients live healthier lives by treating and curing diseases once thought to be a death sentence. The biopharmaceutical industry works every day to create innovative treatments for the most common to the rarest of diseases, adding value to the healthcare system and reducing costs, while improving and extending lives. From cancer to COVID, imagine what life would be without these innovations. It is because of an ecosystem that fosters medical advances that Patients can have hope for a disease-free future where the treatments they need to manage their conditions are accessible and affordable. We are on the brink of scientific breakthroughs, including gene editing and RNA sequencing. That is why it’s so important that we work together to foster a policy environment that values innovation, incentivizes further development of lifesaving treatments and drives scientific research and innovation.
Because Patients Can’t Wait®, BioNJ is dedicated to ensuring a vibrant ecosystem where science is supported, companies are created, drugs are developed and Patients have access to lifesaving medicines when they need them. And New Jersey is just such a place.
For more information, visit:
