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HINJ Member Companies’ Economic Impact Exceeds $26 Billion in 2012, Finds New Study Conducted in Association with Deloitte

New Brunswick, NJ, November 13, 2013 ― Key findings from the HealthCare Institute of New Jersey’s (HINJ) 2012 economic impact survey indicate that the life sciences continues to play a leading role in driving New Jersey’s economy and reinforces the state’s reputation as the “Medicine Chest of the World.”

According to the study, which was conducted by Deloitte for the ninth consecutive year, participating HINJ member companies had a total impact on New Jersey’s economy of $26.6* billion in calendar year 2012, a healthy increase of 9.9 percent from 2010.

“HINJ member companies continue to be a major force in New Jersey’s economy in their pursuit of advancing global health,” said Dean J. Paranicas, President and Chief Executive Officer of HINJ.  “Our enduring goal is for patients everywhere to have access to the medicines, therapies and medical technologies they critically need.”

“We believe this solid growth in HINJ member companies’ aggregate economic activity in 2012 — with impressive increases in numerous categories, notably including research and development investment — reflects the improving overall economy,” Paranicas said.  

Pointing to the increase in research and development (R&D) spending and activity, Paranicas added, “Medical innovation is the engine that powers the life sciences industry, and is what contributes to improving the human condition around the globe.”

Paranicas also noted that HINJ and its member companies applaud the efforts of New Jersey’s elected officials in Trenton and Washington, DC in pursuit of policies that create an even more competitive, attractive environment for life sciences investment that can generate jobs and economic benefits in New Jersey. 

Paranicas cited the following as examples of New Jersey’s recent pro-business policies:  adopting the single sales factor as the basis for calculating the state’s corporate business income tax, the lifting of the cap on the Research and Development Tax Credit to 100 percent, providing full funding for the Technology Business Tax Certificate Transfer Program, reforming regulatory review processes, streamlining of business incentive programs, and, importantly, the restructuring of the state’s biomedical and health sciences higher education system.

“However, while state leaders have taken these important steps, and our survey results certainly are encouraging,” Paranicas cautioned, “New Jersey continues to face keen competition from around the world and within the U.S. for our industry’s investment.  For this reason, HINJ looks forward to continuing to work with our policymakers on this important effort.”

In presenting the study’s findings, Paranicas said it is important to note that the results included in HINJ’s 2012 economic impact survey reflect the participation of three fewer companies (16) compared to those who contributed to the previous report (19) that covered calendar year 2010 performance, thereby preventing precise year-to-year comparisons.

HINJ member company participation in its economic impact survey, which was first conducted in 1997, is voluntary and confidential.

Other key findings from HINJ’s 2012 economic impact survey include the following:

  • Research & Development (R&D):  Participating HINJ member companies increased R&D spending by their New Jersey-based facilities to $8.7 billion, which represented a 2.6 percent increase over 2010.  HINJ member companies further reported that, in 2012, they had 1,067 products in development, an impressive increase of 113 percent from 2010.
  • Vendor Spending:  To support their day-to-day operations, HINJ member companies rely on a large network of New Jersey vendors across the state that provides a wide array of goods and services.  In 2012, HINJ member companies’ New Jersey-related vendor spending was $3.9 billion, an increase of 26 percent over 2010.
  • Capital Spending:  HINJ member companies continue to invest in capital projects in New Jersey.  In 2012, they spent nearly $1.8 billion on construction around the state — including renovation, maintenance, new construction and purchase — compared to $685 million in 2010, a 157 percent increase.
  • Philanthropy:  HINJ member companies also increased their contributions in the area of corporate social responsibility.  In 2012, they provided more than $583 million to New Jersey nonprofit organizations that advance healthcare, education and culture, as well as responded to the people and communities impacted by Superstorm Sandy in late 2012.  HINJ member companies’ 2012 in-state giving represented a 263 percent increase over 2010.
  • Employment:  Broken down by employment category, HINJ member companies last year employed 50,176 full-time employees in New Jersey, a 2.8 percent decrease from 2010, and 14,638 contract employees, an 84 percent increase from 2010.  Analysis of the data also showed a significant increase in “spin-off” jobs, which are those New Jersey jobs that are supported by HINJ member companies’ business relations with service and supply vendors.  HINJ member companies in 2012 were responsible for 71,948 New Jersey spin-off jobs, an increase of nearly 20 percent from 2010.
  • Compensation:  Compensation of employees of HINJ member companies last year continued to be strong.  In 2012, the average total compensation was $156,208 annually, a 3.5 percent increase from 2010.  The average base salary for full-time employees was $123,864 (a 9.8 percent increase from 2010), while average benefits were $35,288 (a 13.5 percent increase from 2010).

*   Certain amounts and percentages may not add due to rounding.

As used in this document, “Deloitte” means Deloitte LLP and its subsidiaries.  Please see www.deloitte.com/us/about for a detailed description of the legal structure of Deloitte LLP and its subsidiaries.  Certain services may not be available to attest clients under the rules and regulations of public accounting.