The HealthCare Institute of New Jersey (HINJ) brought together industry leaders, policymakers, and educators on March 13 to address the future of the state’s life sciences sector at its “Pulse 2026: Saving Lives Globally, Driving Our Economy Locally” event held at Middlesex College in Edison.
The discussion focused on how partnerships between industry, higher education, and government are needed to maintain New Jersey’s position as a leader in life sciences. The sector has a $120 billion impact on the state economy, representing up to 20% of New Jersey’s gross domestic product and supporting more than 350,000 jobs.
Chrissy Buteas, president and CEO of HINJ, said: “New Jersey is the Medicine Chest of the World, and we need to discuss how to sustain this vital designation. It is a matter that is becoming more important in a rapidly changing industry.” She also emphasized the importance of supportive government policies for the industry’s continued success.
Governor Mikie Sherrill delivered the keynote address. “The life sciences are central to the DNA of the state … it touches just about everything and is at the heart of the innovation economy that we want to continue to build here,” she said. Sherrill outlined plans from her recent budget address to target pharmacy benefits managers (PBMs), whom she accused of inflating drug prices by acting as middlemen. She stated her administration is working with industry representatives on legislation aimed at addressing these issues.
Sherrill also addressed concerns over federal healthcare policy changes. She warned that cuts to the Affordable Care Act could result in nearly half a million New Jersey residents seeing their premiums triple this year. “The healthcare system in this country is collapsing, and many of you are on the front lines of what’s going on. I will need your input to fix this crisis,” she told attendees.
A panel discussion moderated by Michele Siekerka, president and CEO of New Jersey Business & Industry Association, explored whether New Jersey can maintain its competitive edge in innovation over the next five years. Rutgers University President Dr. William F. Tate IV highlighted strengths such as innovation hubs but cautioned that closing gaps in early-stage venture capital and entrepreneurial culture was urgent if New Jersey wanted to keep pace with other regions.
Dan Leonard, executive director of We Work for Health, described global competition—especially from China—and unfavorable federal policies as major challenges for New Jersey’s life sciences sector. He criticized measures like Medicare drug price negotiations under the Inflation Reduction Act and Most Favored Nation pricing proposals for potentially stifling innovation and costing jobs.
Buteas concluded: “This discussion comes at a critical moment as we navigate rapid technological change, new policies and the growing influence of artificial intelligence. New Jersey’s reputation as the Medicine Chest of the World exists because of people represented here today; the men and women who build the complex research and manufacturing facilities that drive modern science.”
Industry observers say ongoing collaboration among stakeholders will be key as New Jersey faces both national policy shifts and international competition.
