Pharma and Medical Technology Industry in New Jersey - $27 Billion Economic Impact

New Jersey's drug and medical technology industry employed 60,556 people in 2005, with a total payroll of $7 billion, according to HealthCare Institute of New Jersey (HINJ) commissioned survey..

The overall economic impact (direct payroll, R&D expenditures, payments to vendors, and contributions in taxes and philanthropy) of the state’s pharmaceutical and medical technology industry topped $27 billion, up from $22 billion last year. 

  • The survey showed R&D spending totaled $7.5 billion, a 17% increase over the $6.4 billion reported in 2004.
  • The average base salary was $93,948 (a 6.7% increase over 2004) and total compensation for industry employees was approximately $115,701 (a 5.2% increase over 2004).
  • Workers directly employed by the industry are also active consumers, creating spending impacts of $5.7 billion and contributing $1.6 billion of additional income to New Jersey’s economy.
  • Member companies reported nearly 900 pharmaceutical products in development and 70 new drug applications submitted
 

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