NJ luring pharma companies to set up businesses

After being in the bad books for its anti-business atmosphere, New Jersey has embraced some brand new policies for appealing entrepreneurs, especially small businesses which could spur good-paying jobs in the State, assert economists.

In a bid to create fresh employment in the State, NJ’s Business Action Center is enticing rising businesses, specifically pharmaceutical and biotechnology companies, to relocate their base in the State and take benefit of tax breaks.

Tim Lizura, the state Economic Development Authority’s senior vice president of business development, said in relation to the business incentives and tax breaks that the policy is something which is "more of an art than a science. The trick is being able to listen and knowing the nuances of our programs…The last thing you want to do is overpromise to a company."

NJ tax breaks attracts pharmaceutical and bio-tech
Gov. Chris Christy has recently been lauded by companies like Celsion and BioNJ for his strategic efforts on welcoming businesses from across the country.

For instance Celsion, the Maryland pharmaceutical company, which was planning relocation since long has finally selected New Jersey as a new base for its enterprise. Celsion’s CEO Michael Tardugno said the company finally selected New Jersey after eliminating competing States like Pennsylvania and Massachusetts.

Debbie Hart, president of BioNJ, NJ’s biotech industry’s trade group, recently contemplated on the fact that while all American states are focusing on their economic development, New Jersey has rather centered on bringing new businesses and made job-creation the need of the hour.

Pharma and biotech industries are closely interconnected
In recent past, many pharmaceuticals had cut jobs focusing their work strength on bio-tech research and health development activities. In the wake of these new research activities like one of Celsion’s ThermoDox, a liver cancer treatment drug, might spur jobs in the state, say analysts.

Acknowledging the fact that pharma and biotech industries are closely interconnected, Hart elucidates, "They’re targeting certain sectors, including biotechnology… They’ve enhanced the incentive packages. They’re doing outreach internationally, and they’re doing a better job of promoting their successes.’’