Legislation sponsored by Senator Robert Singer (R-Monmouth, Ocean) to create a new task force that will study ways to expand New Jersey’s biotechnology industry passed the New Jersey Senate.
Sen. Robert Singer’s legislation to grow New Jersey’s biotechnology industry passed the state senate. (©iStock)
The resolution, SJR-57, creates the “New Jersey Biotechnology Task Force” to improve communication between state government and the biotechnology industry and to find ways to help retain and attract new biotechnology companies to the state. According to BioNJ, Inc., the industry directly provides more than 66,000 jobs and more than $1.5 billion in tax revenue to the state.
“Biotechnology companies offer so much to our state in terms of economic development and jobs,” Senator Singer said. “These high-tech companies are a huge source of high-paying positions. If we can support our biotechnology industry and keep it competitive, it can help us retain some of our brightest and most-skilled workers.”
The nine-member task force would be composed of three members of the Senate, three members of the General Assembly, the CEO of the New Jersey Economic Development Authority and two public members appointed by the Governor. The task force would have two years to issue a report to the legislature detailing how the industry can be assisted and advanced.
“New Jersey has been a leader in the biotechnology industry for many years,” Senator Singer said. “We are already home to more than 400 biotech companies, and this study will help us solidify our position at the forefront of this invaluable industry.”
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