Life Sciences Industry Overview: A Thriving Hub of Innovation and Opportunity
As the epicenter of New Jersey’s biotechnology sector, Morris County has emerged as a nationally recognized hub for life sciences. Join the MCEDC as we explore our life sciences industry overview, including the impressive data and notable achievements that make Morris County a vibrant and thriving destination for professionals and companies in the field.
A Growing Workforce
Morris County boasts a thriving life sciences industry, with over 10,186 individuals employed in the sector. The region’s dedication to fostering growth and innovation is evident as the industry is projected to increase by 830 jobs (8.4%) from 2020-2025. This growth rate below the national average reflects the area’s commitment to supporting and expanding its life sciences workforce.
A Concentrated Talent Pool
The regional job concentration for the selected industries in Morris County is 3.42 times the national average, indicating a robust talent pool in the life sciences sector. This means that the region has 237% more jobs than one would expect to find elsewhere in the nation. The concentration of skilled professionals in Morris County makes it an attractive destination for companies seeking top talent and collaboration opportunities.
Key Industry Players
Morris County is home to an impressive array of companies in the life sciences industry. Notable names such as Zoetis, Teva Pharmaceuticals, Pfizer, Cellularity, Merck, Zimvie, Novartis Pharmaceuticals Corp, Gerber Products Co., BASF Corp, and Abbvie have established a strong regional presence. These companies contribute to the economic vitality and innovative ecosystem that drives the growth of the life sciences industry in Morris County.
Lucrative Salaries and Thriving Subsectors
Professionals in the life sciences industry in Morris County enjoy competitive salaries that reflect the value placed on their expertise. Average salary earnings, adjusted for the cost of living, highlight the following figures:
- Surgical Appliance and Supplies Manufacturing: $93,834
- Surgical and Medical Instrument Manufacturing: $112,362
- Pharmaceutical Preparation Manufacturing: $265,728
- Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers: $102,971
- Medicinal and Botanical Manufacturing: $177,150
- Research and Development in Biotechnology: $301,736
Thriving subsectors further contribute to the economic success of the life sciences industry in Morris County. Key areas include Pharmaceutical Preparation Manufacturing, Research and Development in Biotechnology, Medical/Dental/Hospital Equipment and Supplies, Merchant Wholesalers, Medicinal and Botanical Manufacturing, and Medical Laboratories. These subsectors demonstrate the diverse range of opportunities and the significant contributions made by Morris County in advancing healthcare and scientific advancements.
Driving Economic Growth
The life sciences industry in Morris County makes a substantial economic impact, with total top sales reflecting impressive figures:
- Research and Development in Biotechnology: $4,507,023,438
- Pharmaceutical Preparation Manufacturing: $2,223,966,970
- Medical, Dental, and Hospital Equipment and Supplies Merchant Wholesalers: $443,437,968
- Surgical and Medical Instrument Manufacturing: $355,516,064
- Medicinal and Botanical Manufacturing: $259,613,585
- Surgical Appliance and Supplies Manufacturing: $244,756,152
These figures highlight the significant contributions made by the life sciences industry in driving economic growth, attracting investments, and elevating Morris County’s reputation as a leading center of innovation and opportunity.
Book an Appointment with the MCEDC
Morris County’s life sciences industry is a shining example of innovation, talent, and economic success. The county has firmly established itself as a vibrant hub for life sciences with a concentration of jobs exceeding the national average, a diverse array of companies, and lucrative salaries.
If you are interested in learning more about the life sciences industry in Morris County, or if you are looking to relocate your business to the area, please contact the EDC today. We would be happy to answer any of your questions and discuss how membership, business counseling, and our resources will benefit your business.