Life Sciences Talent Network
New Jersey’s Life Sciences Talent Network (LSTN) builds partnerships in the life sciences industry to develop and support life sciences in the Garden State and formulate strategies for competing at the regional, national, and global levels.
The Life Sciences Talent Network, led by BioNJ, connects with businesses, educational institutions, workforce organizations, training groups, and community and faith-based organizations to gather ground-level intelligence on the industry to make informed decisions on high-quality public workforce investments and expand the number of New Jersey residents with industry-valued credentials or degrees.
- Develop industry intelligence: Creating and implementing effective workforce and education programs requires an accurate and timely understanding of business needs. The LSTN works closely with labor market analysts from the New Jersey Department of Labor and Workforce Development to provide a crucial source of information on the workforce needs of the industry. The LSTN hosts an Industry Summit to gather intelligence and inform key workforce stakeholders of essential employer needs and produces an annual Industry Workforce Report. Additionally, the LSTN engages employers and industry associations to the Industry-Valued Credentials list.
- Develop high-quality, employer-driven partnerships: The LSTN works closely with businesses, Workforce Development Boards, educational institutions, training groups, and community- and faith-based organizations to develop high-quality, employer-driven partnerships known as Targeted Industry Partnerships (TIPs).
Return on Investment for Businesses to Join TIPs
- Gain the distinction of becoming an industry champion and receive priority on applications for New Jersey Department of Labor and Workforce Development training grants.
- Access the Targeted Industry Partnership (TIP) fund, which will support implementation of the strongest workforce investment ideas developed by the TIPs.
- Spearhead discussion on the priorities of your industry with business, workforce development, education, and state officials to shape the future of your industry.
- Network with regional businesses in your industry to promote innovation, collaboration, and efficiency.
The LSTN works in areas of the state that have a concentration of life sciences businesses to:
- identify workforce needs and common skill gaps to determine in-demand skills, abilities, and credentials.
- develop a workforce strategy (formalized in a written plan) to satisfy workforce needs and close skill gaps.
- develop sustainable TIPs through commitments from partners.
- The life sciences industry cluster employed 116,700 or 3.5 percent of all private sector workers in the state for 2015.
- New Jersey’s life sciences employment in 2015 was identified within three primary components: pharmaceuticals (41.0 percent), biotechnology-R&D (38.3 percent) and medical device manufacturing (20.7 percent).
- Establishments in this cluster totaled 3,180 in 2015 after experiencing a slight growth (1.0 percent) from 2010 – 2015.
- Life sciences industry paid over $16.9 billion in 2015 annual payrolls; 8.2 percent of the state’s total wages.
- Annual average wages for the industry cluster have risen 56.9 percent over a ten year period from 2005 to 2015.
- The life sciences industry cluster’s average annual wage was $144,410 in 2015, which was 133.0 percent higher than the state’s total private sector’s average annual wage of $61,980.
- A majority of the Life Science industry related establishments can be found along major highways in New Jersey within a close proximity to New York, NY.
- More than twenty-five percent of all life sciences industry establishments can be found in Middlesex, Morris, and Somerset Counties with more than 45,000 in employment.
- Nearly two-thirds of New Jersey’s workforce employed in this cluster hold at least a Bachelor’s degree, many holding even more advanced degrees.
- A 2016 Economic Impact Study, created through a partnership among BioNJ, the New Jersey Department of Labor & Workforce Development, Rutgers Business School and Rutgers Bloustein School, provided significant findings about New Jersey’s in-demand clinical occupation trends. New Jersey’s clinical environment creates 3,750 jobs annually, with direct wages of $142 million. For every $1 million in clinical trials invested, 15 jobs are created and $1.37 million is added to New Jersey’s GDP. With an estimated $263 million in annual investments made to clinical trials in New Jersey, there is still potential growth and investment opportunities to the State’s clinical infrastructure and workforce.
Contact the LSTN
Matthew Alcalde, Director