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The New Jersey Life Sciences Vendors Alliance (NJLSVA) is a coalition of businesses, individuals and academia who provide goods and services to New Jersey’s life sciences companies.

The NJLSVA was founded to educate suppliers on trends in industry procurement and public policy that affects the life sciences industry.

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Choose New Jersey’s RFP Watch provides up-to-date information on business opportunities throughout the Garden State at a cost that is affordable for all companies – with a place of business in New Jersey – large and small.

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Human Genome Project Paid Off in $966 Billion Life Sciences Boom

New York, NY, June 12, 2013 — Bloomberg reports that the $14.5 billion investment by the U.S. in the Human Genome Project, completed a decade ago, has paid off more than 60-fold in new jobs, drugs and a rapidly expanding genetics industry, an analysis has found.

The endeavor to map human DNA in its entirety created $966 billion in economic impact and $59 billion in federal tax revenue, according to the study released today by United for Medical Research and Battelle, two research advocacy groups.

According to Bloomberg, dozens of companies have started with the knowledge gained from the project, leading to new diagnostic tests and development of medicines that can be matched with gene variants linked to disease.  

The project triggered a new era in the life sciences, with new oncology drugs and screenings among the early developments in the field, said Greg Lucier, chief executive officer of Life Technologies Corp.

Lucier told Bloomberg, “Up until that time, the pharmaceutical industry was able to have major impact on human health through blockbuster drugs that in retrospect were relatively simple.”  “The ushering in of the genomic era was the beginning of truly reducing science to engineering, in terms of the understanding of life,” he said.

While it took almost $15 billion and more than a decade for the government-funded DNA effort to fully sequence a human genome for the first time, companies can now sequence a whole genome for about $1,000 and do it in a day.

In addition, Bloomberg reports that some of biggest innovations have been in the field of oncology.  Thanks to the advances in genetic screening, drug developers also now look for genetic mutations in tumors that can explain why they grow and metastasize, and create drugs to specifically target that aspect of the disease.

To read the entire Bloomberg article, click here.