Why Morris County Is a Life Sciences Industry Leader
Morris County serves as the epicenter of New Jersey’s biotechnology industry and has emerged as a nationally recognized life sciences hub. Throughout the years, the county has created opportunities for funding, networking, and business growth for the life sciences industry. The presence of global companies such as Novartis, Bayer, Alvogen, Allergan, Euroimmun US, Pfizer, LEO Pharma, and Ferring Pharmaceuticals has helped put Morris County on the map as a top life sciences destination.
Due to Morris County’s exceptional quality of life, companies are always actively recruiting talent from outside the area. The combination of a strong life sciences industry and high quality of life make Morris County an ideal destination for those pursuing a career in the life sciences. The county is committed to supporting the growth of the life sciences industry and providing opportunities for those looking to enter the field.
Located in the heart of New Jersey’s biotechnology industry, Morris County is the perfect place to start or advance your career in the life sciences. A career in the life sciences industry offers a chance to be at the forefront of cutting-edge research and develop new treatments and cures for diseases. With a wide variety of job opportunities available, there is something for everyone in the life sciences field.
Morris County’s Highly Educated and High-Skilled Workforce in the Life Sciences Sector
The county is also home to several world-class educational institutions, including Drew University, Fairleigh Dickinson University, and Saint Elizabeth University—all of which are leaders in life sciences research. The Community College at Morris County (CCM) also has an Advanced Manufacturing Program that provides students with the skills needed to succeed in today’s ever-changing workforce.
These institutions work together to provide the county with a highly educated and skilled workforce—one that is essential to the success of the life sciences industry. Morris County has an impressive number of Bachelors, Masters, and Ph.D. Graduates in the life sciences field. Additionally, Morris County’s central location makes it easy for companies to attract top talent from New York City, Philadelphia, and other major metropolitan areas.
Morris County’s Commitment to the Life Sciences Industry
Morris County’s commitment to the life sciences industry is evident in the county’s investment in the Morris County Economic Development Corporation’s (EDC) Life Sciences Initiatives. These initiatives provide funding and resources to support the growth of the life sciences sector in Morris County. In addition, the EDC offers a variety of programs and services to help life sciences companies start, grow, and succeed within the county, such as business counseling.
On the state level, the NJEDA offers the Net Operating Loss (NOL) Program, which is designed to encourage tech and life sciences companies to locate or expand their operations in New Jersey. The program provides a cash payment for net operating losses and research and development (R&D) tax credits. This program is just one example of how the state of New Jersey is committed to supporting the life sciences industry.
Morris County’s Life Sciences Industry Statistics
The EDC proudly announces that the county’s life sciences industry is booming. In fact, according to the most recent industry statistics, this sector has added 10,436 jobs in 2022, the current earnings are an impressive $1,426,442, and it reached an astounding $4,938,530,563 GRP in 2021. These numbers are a testament to the EDC’s and its members’ hard work in attracting and retaining businesses in Morris County.
In addition, the region is expected to see much growth in the coming years. The life sciences industry is projected to increase jobs by 9.4% from 2020 to 2025, outpacing the national growth rate of 8.9%. Additionally, the regional job concentration for relevant industries is 3.42 times greater than the national job concentration. This means there are 237% more jobs in this region than we would expect to find anywhere else in the nation.
The life sciences industry also has a powerful impact on the economy, with the Pharmaceutical Preparation Manufacturing industry selling $265,930,767 worth of products within Morris County in 2020. Furthermore, an additional three jobs are created for every job the life science industry in Morris County creates. This is based on the EMSI job multiplier and showcases the industry’s strength in the region.
These impressive numbers are just a snapshot of what is happening in Morris County’s life sciences industry. This industry is vital to the county’s economy and future. The EDC is committed to working hard to ensure that Morris County remains a leader in the life sciences sector, and we are confident that it will continue to thrive in our area for many years to come.
Book an Appointment Today with Morris County EDC
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.