BioNJ, the trade association for New Jersey's life sciences industry, has released its "Economic Impact Study of Clinical Trials Activity in New Jersey" in collaboration with Rutgers Business School and Rutgers Bloustein School of Planning and Public Policy, noting that clinical trials activity in New Jersey delivers 3,750 jobs and $779M in economic output.
The first study of its kind in New Jersey, the research brief serves as a call for efforts to increase clinical trials capacity and resources in the State and for the education of all stakeholders as to the value delivered to the healthcare system through the conduct of clinical trials.
"The results of the Study provide a mosaic comprising clinical trials activity, patient participation and economic impact that collectively highlight important baseline information on BioNovation, New Jersey's life sciences innovation ecosystem," said BioNJ President and CEO Debbie Hart. "This study is not an exhaustive analysis of one particular area, but lays important groundwork and will provide a benchmark against which to measure future activity.
"The total value of clinical trials to society is measured in more than just dollars. First, investments in clinical trials and research confer economic benefits to the job market, to the sites conducting the trials and to the economy as a whole. Second, access to high quality medical care contributed by trial sponsors saves the State considerable expenditures by offering world-class standard of care and access to cutting edge technologies and treatments. Third, and most importantly to the participants in these trials and to their families, is hope," said Hart.
"The goal of the Study is to provoke questions and forward thinking by stakeholders and opinion leaders within the State," adds Hart. "BioNJ, in collaboration with academic institutions, clinical care centers, life sciences companies and other stakeholders, will continue to work with legislative leaders to address unanswered questions and move New Jersey's progress forward within this critical arena."
"A deeper dive into the data, as well as additional investigation into important questions, such as how many New Jersey residents participate in clinical trials in the region but outside of New Jersey, will help drive future strategy," said Thomas Richardson, Ph.D., vice president, Strategic Initiatives and Staff Liaison to the BioNJ Clinical Trials Committee.