Biotechnology, medical technology and pharmaceutical companies are a crucial component of New Jersey’s economy, supporting more than $7.5 billion in tax revenue, and their growth should be supported by the state and local municipalities, leaders of state organizations and lobbying groups said Friday.
Representatives of the New Jersey League of Municipalities and the Healthcare Institute of New Jersey, as well as the chairman of a newly formed Mayors Committee on Life Sciences, said the findings of a Rutgers University study released this week confirm what they’ve been saying all along — that biotech and big pharma help keep New Jersey’s economy healthy.
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