Drug Firms Deliver $23.8 Billion Boost to New Jersey Economy in 2003.

Byline: Lewis Krauskopf

Apr. 28--Pharmaceutical and medical technology companies had a $23.8 billion economic impact on New Jersey last year, although their number of employees fell slightly, a study released by a state trade group said Tuesday.

The release of the annual economic study coincided with a meeting between high-level officials of the industry and state government.

"We left with a better understanding of what the government is doing with regard to the industry as well as a better understanding of what the industry needs us to do," said John McCormac, the state treasurer, after the meeting, held at Wyeth headquarters in Madison.

According to the study, the industry employed 63,447 people last year, compared with 64,042 in 2002, with the decline attributed to industry consolidation.

The study found an increased emphasis on jobs in clinical development and sales and marketing. It also calculated that the industry created 93,000 "spinoff" jobs in the state last year, through the purchase of consumer goods and services and investment in capital projects.

"The importance of the industry is demonstrated not just by the direct employment we provide, but also by the impact on other sectors of the state's economy," said Bob Franks, president of the trade group, the Healthcare Institute of New Jersey.