Life Sciences Job Market in 2011 — A New Jersey Perspective
 Debbie HartLast year, we interviewed Debbie Hart, President of BioNJ, to get her insight on the life sciences job market in New Jersey. We recently talked with Hart again to get an update on the current state and future outlook for career opportunities in the Garden State. Plus, she shared job search advice for professionals looking for new career opportunities in the life sciences.
The Current State of New Jersey’s Life Sciences Job Market
What is the current state of the life sciences job market in New Jersey and how has it changed over the last year? To answer that question, Hart used the yin/yang concept to describe what’s happening: Although big pharma continues to shrink, biotech is where all the growth is happening. “We continue to see new biotech companies popping up on the radar on a regular basis,” she observes. In addition, there are pockets of opportunity, with a number of life sciences companies in New Jersey currently looking to hire a significant number of people.
According to a recent New Jersey Department of Labor and Workforce Development Labor Market & Demographic Research publication – “NJ’s Changing Biopharma/Life Sciences Industry Reaches Beyond Traditional Pharmaceuticals”:
- More than 3,100 organizations are directly involved with New Jersey’s biopharmaceutical life sciences cluster.
- This industry accounts for nearly 126,000 jobs – approximately 4.0% of the state’s employment base.
- Less than one-third of the companies in the biopharmaceutical life science cluster are engaged in the pharmaceutical component, which account for about 55,700 jobs.
- Nearly 1,400 biotech companies employ about 43,000 people.
- More than 780 medical device companies employ about 27,200 workers.
Positive Outlook for the Future of New Jersey’s Life Sciences Industry
Despite a weak economy, the New Jersey Department of Labor and Workforce reported a growth of 15.9% in the state’s biopharmaceutical and life sciences cluster between 2004 and 2009, from 2,682 to 3,108 establishments. The department is optimistic about the industry’s future in New Jersey, as well, attributing past and future success to collaboration among the traditional “stand-alone” industries — pharmaceutical, medical device, and biotechnology. For example, there are more partnerships forming within the industry, such as pharmaceutical companies partnering with medical device firms to deliver products more efficiently. In addition, when larger pharmaceutical firms consolidate and vacate business space, small to mid-size related companies are often moving in and taking advantage of the state-of-the-art facilities.
Hart is also optimistic about future growth in New Jersey’s life sciences industry. She predicts sustained growth in the biotech sector, as well as the continued absorption within the biotech sector of professionals laid off from the big pharmaceutical companies. “We are looking at organic industry growth, in addition to companies relocating to New Jersey from other states and countries all over the world.” For life sciences companies looking to establish a U.S. presence, says Hart, New Jersey is almost always on the list. She explains, “That’s because we have tremendous talent in New Jersey versus anywhere else in the world.”
What to Do If You’re Looking for New Career Opportunities in the Life Sciences
If you’re one of the life sciences professionals affected by the layoffs in the pharmaceutical industry, there are many resources available to help you find new career opportunities. Here are some ways to move forward in your job search:
- Keep your resume fresh.
- Do consulting.
- Do pro bono work.
- Improve your skills with the help of a Biotech Training Grant. Thanks to a National Emergency Grant (NEG), you may be eligible to receive up to $5,000 in grant assistance for continuing education and training. Click here for more information.
- Regularly check the latest job postings in the BioNJ Life Sciences Talent Network and Ashton Tweed Career Opportunity Listings.
- Network, network, network! You can find listings of upcoming local networking and career events at BioNJ Industry Events and Ashton Tweed Networking Events.
Ashton Tweed would like to thank Debbie Hart for this interview. If you are among the many life sciences professionals affected by the changes in the industry, Ashton Tweed can help you find the right placement opportunity — from product discovery through commercialization at leading life sciences companies — including interim executive positions and full-time placements. Additionally, if your company needs help from members of the Ashton Tweed Life Sciences Executive Talent Bank, we can supply that assistance either on an interim or a permanent basis. In either case, please email or call us at 610-725-0290. Ashton Tweed is pleased to continue to present insightful articles of interest to the industry. |
