If you are a New Jersey resident, there is a good chance that you know someone who is employed by one of the 24 pharmaceutical and medical technology companies which have crowned us the nation’s medicine chest. Some 51,000 residents earn their livelihood at one of these entities, which produce everything from life-saving drugs to baby shampoo. Another 70,000 New Jersey residents collect paychecks from the industry through service contracts.
Our status as the nation’s medicine chest has roots in this area stemming as far back as the Industrial Revolution. Since then, New Jersey’s highly-skilled workforce, transportation hubs, and infrastructure have captured the industry in a natural embrace: the medicine chest companies and their offspring had an economic impact of $24.2 billion in 2010 alone.