The HealthCare Institute of New Jersey says that its members — which include life sciences companies such as pharmaceuticals, bio-techs and medical device manufacturers — contributed at least $6.1 billion in research and development spending in 2011, an increase of 11.4 percent over 2010.
HINJ officials say the growth bodes well for future economic activity in the state by the sector. HINJ also points to a 49.1 percent increase in medical device trials and expansion of some life-science companies in New Jersey as further evidence of the industry’s robustness in the region.
Although reported economic activity dropped significantly overall, there were fewer companies responding to the group’s annual survey. Dean J. Paranicas, HINJ’s president and chief executive officer, said that when comparing responses from 16 companies that reported on their economic activity in both 2010 and 2011, the results were fairly constant when it came to employment and economic impact. However, they reported an increase in charitable donations to New Jersey of 8.1 percent and a rise in global research and development spending.