Singer biotech growth bill enacted
New Jersey's biotechnological sector stands poised to flourish in the Garden State, if shore-sponsored legislation approved by Governor Christie works as planned.
The resolution crafted by Senator Robert Singer (R-30) creates the "New Jersey Biotechnology Task Force," whose job it will be to improve communication between industry leaders and state officials, to find ways to keep firms in the state, and to attract more of them.
Singer cites data by BioNJ, Inc, which suggests that New Jersey's 400 biotech firms generate about $1,500,000,000 annually in tax revenues for the state, and supplies more than 60,000 jobs.
He said that thousands of high-paying jobs help keep "our brightest and most-skilled workers in the state."
"They also serve as valuable and steady drivers of economic development. This measure will help us understand what the industry needs and what we can do to help it grow," Singer said.
The panel will consist of nine members, including three from the state Senate, three from the Assembly, the Chief Executive Officer of the New Jersey Economic Development Authority, and two public members appointed by the Governor.