Business & Finance

Legislation Intended to Stimulate and Innovate Heads to Governor's Desk

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Assembyman Christopher DePhillips, R-Bergen
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TRENTON, NJ – Legislation sponsored by Assemblyman Christopher DePhillips (R-Bergen) establishing a state commission on science, innovation and technology heads to the governor’s desk following Senate approval Monday.

DePhillips said the bill will help make New Jersey one of the most innovative states in the country in science and technology.

“I am pleased that the Senate passed this legislation unanimously and the bill is on the way to the governor’s desk,” said DePhillips. “We need this bi-partisan legislation to keep the life sciences industry right here in New Jersey.”

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The 17-member commission will promote research and entrepreneurship in science and technology. Members will appoint an innovation council to focus on stimulating technology transfers between public and private research universities and industry

 “The commission needs to get to work right away to market and brand New Jersey as the country’s pre-eminent leader in pharma, biotech and medical devices,”  DePhillips added. “We need to do all that we can to keep life science executives from fleeing to competitor states that want to take our jobs away from us.”

The U.S. will spend an estimated $553 billion on research and development in 2018, more than any other country in the world and over a quarter of the worldwide total. New Jersey is ranked the eleventh most innovative state in the nation, according to a recent study by WalletHub.

Neighboring states Delaware ranked ninth; Connecticut thirteenth; New Yok twenty-second, and Pennsylvania twenty-sixth. DePhillips noted that Massachusetts and California have similar state-level councils that help foster and attract science, innovation and technology related businesses. Both states consistently lead the country in those respective fields with Kendall Square in Cambridge, Mass., and Silicon Valley in Santa Clara County, Calif.

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