A biotech industry magazine -- GEN, which stands for Genetic Engineering and Biotechnology News -- has ranked the New Jersey/New York region numberwhen it comes to biopharma clusters. South Jersey -- the New Jersey/Philadelphia region – was ranked sixth.
The annual list of the top 10 regions is based on five criteria: the amount of funding from the National Institutes of Health; venture capital funding; number of patents awarded since 1976; lab space; and number of jobs.
The report said that the New Jersey/New York region ranked first in the nation when it came to jobs – 127,651 -- but that it only ranked fourth when it came to VC funding. It ranked second in the country when it came to NIH funding but lagged when it came to patents. And although lab space was ranked third -- the majority in New Jersey -- it dropped over the past year due to higher demand in the top two regions -- Boston/Cambridge, MA, and the San Francisco Bay.
The Greater Philadelphia region, which includes Princeton in this survey, ranked best in terms of lab space (fifth), jobs (sixth, with 54,627) and patents (sixth). It didn’t do as well when it came to NIH or VC funding.