Total funding of New Jersey life sciences companies spiked in 2013 with approximately $900 million in both early and late-stage investments, according to a new report from BioNJ. This figure represents well over 200 percent growth over the prior year. Funding was helped by seven New Jersey companies that completed initial public offerings (IPOs) in 2013.
Furthermore, industry wages averaged $126,794 in 2012, led by pharmaceuticals ($137,949), followed by biotechnology ($132,576) and medical devices ($94,652). Life sciences average annual wage was 118.3 percent higher than New Jersey’s total private sector average wages of $58,093. These wage trends are an important index of the value of the life sciences to New Jersey’s economy, not to mention its contribution to state revenues from payroll taxes.
While the report shows overall life sciences employment totals were down 12.3 percent from 2007 to 2012 – driven by Big Pharma mergers, site closings, patent-cliff-related R&D and sales force cutbacks, and increasing externalization of research – biotechnology was the only therapeutics sector to post employment gains, growing 2.1 percent through the addition of 856 jobs over the same five-year period.