Pallone Hosts Forum on Health Care R&D
February 4, 2011
"New Jersey has long been a leader in the science and business of health care and we want to keep it that way," said Pallone. "The health care sector is a key part of the state's economy and research and development is at the core of continued progress and innovation. This is how new medicines and new technologies are developed and brought to market. This is what leads to job creation and economic growth."
Pallone said the federal government has an important role to play with investments in R&D that help leverage the resources of the private sector and academia. President Obama spoke in support of this role as the country's "Sputnik moment" in his State of the Union address, saying he will follow through with his budget plan.
According to a new report by Research America, New Jersey is the third largest employer of health care R&D, supporting 211,000 jobs and $60 billion in economic activity. Total investment in R&D in New Jersey is close to $20 billion, the third most among the states. The share provided by the federal government is approximately $1.8 billion, ranking 18, the report found. Every million dollars invested in R&D by the federal government produces two million in business activity, according to Research America.
"We have a responsibility to our future to make the smart investments that may produce life-saving products, lead to innovative technologies, produce well-paying jobs and fuel economic growth," Pallone said. "New Jersey is positioned to remain a leader but that won't happen by itself. The private sector can't support all the R&D by itself, especially during these tough economic times. We all need to work together to maximize our resources."
The public recognizes the importance of R&D. A new poll by Research America shows that 94 percent of New Jersey residents believe it is important that the state is a leader in health R&D, 78 percent believe the country will be better off if the government invests in R&D and 73 percent believe health care R&D is important to the state's economy.
The health care industry in the United States is expected to produce more jobs than any other industry in the coming years. Seven of the 20 fastest growing occupations are health care related.