Many Americans think of New Jersey as the Garden State, but to many it's better known as the Medicine Chest of the Nation (and perhaps the world). New Jersey leads the nation in pharmaceutical research and development, and has the nation's largest concentration of prescription pharmaceutical manufacturers.
That is part of the reason why GenePro Inc. chose to locate its corporate headquarters and first proteomics discovery center in the state. GenePro wanted to be near other pharmaceutical companies, so it chose to build its proteomics discovery center and production facility at the Technology Center of New Jersey, in North Brunswick.
Technology Center paves the way
The New Jersey Economic Development Authority (NJEDA) established the Technology Center in 1995 as a state-of-the-art, 50-acre research park for research and development companies.
"The state of New Jersey has awarded GenePro numerous incentives, including a generous construction allowance in excess of $6 million," said Dr. Cedric Loiret-Bernal, GenePro's chief executive officer. "This greatly supports our speed-to-market strategy and allows us to apply resources elsewhere."
The NJEDA awarded GenePro a $3 million Business Employment Incentive Program (BEIP) grant that will be given over 10 years based on the total state income taxes expected to be paid by new GenePro employees.
Berlex Laboratories is another pharmaceutical company that has helped create an industry cluster in New Jersey. The company is a subsidiary of Germany-based Schering AG, and it will create 85 new jobs in Montville Township. Berlex produces preventive, diagnostic and therapeutic medicines.
"Our parent company's plans for global expansion include significant emphasis on the United States in the next five to seven years," said James Shillaber, director of human resources at Berlex. "The opportunities and challenges that come with this growth will be well-served by the proven pharmaceutical know-how in the New Jersey work force."
Chase Manhattan expands in Jersey City
Chase Manhattan Bank is also among the many companies that have recently invested in New Jersey. Chase is building a new 1.2 million square foot shared services facility at the Newport Office Complex in Jersey City. The bank will bring approximately 1,500 new jobs to the state.
Other companies are making their home just across the Hudson River on "Wall Street West" as well. Businesses - home to some 32,000 employees - displaced by the World Trade Center tragedy have found commercial property in Jersey City, and hence new locations allowing them to get up and running again. Many companies moved more people into Jersey City space they were already leasing.
WTC firms that moved parts of their operations west to Jersey City's waterfront include Lehman Brothers, American Express, Deutsche Bank and Merrill Lynch.
The city is not actively recruiting New York firms across the Hudson, according to Jersey City Mayor Glenn Cunningham, as he told BusinessWeek that that would be inappropriate.
"Jersey City prospers as New York City prospers," said Cunningham. "We want to see them rebound."
Ann Morris is a freelance writer from Leawood, Kan.
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