The biotechnology sector is growing in the New York City area, based upon the region's strength in academic scientific
research and public and commercial financial support. By mid-2014, Accelerator, a biotech
investment firm, had raised more than US$30 million from
investors, including
Eli Lilly and Company,
Pfizer, and
Johnson & Johnson, for initial funding to create biotechnology
startups at the Alexandria Center for Life Science, which encompasses more than 700,000 square feet (65,000 m2) on
East 29th Street and promotes collaboration among scientists and entrepreneurs at the center and with nearby academic, medical, and research institutions. The
New York City Economic Development Corporation's Early Stage Life Sciences Funding Initiative and venture capital partners, including
Celgene,
General Electric Ventures, and Eli Lilly, committed a minimum of US$100 million to help launch 15 to 20 ventures in
life sciences and biotechnology in 2014,[6] and in January 2018, the City of New York itself committed up to US$100 million into the venture.[7]
In December 2014, the State of
New York announced a US$50 million
venture capitalfund to encourage enterprises working in biotechnology and
advanced materials; according to Governor
Andrew Cuomo, the
seed money would facilitate entrepreneurs in bringing their research into the marketplace.[8]
New Jersey has a nickname "
Medicine Chest of the World" due to its large workforce in biopharmaceutical industry. As of 2019, twelve of top 20 biopharmaceutical companies in the world has U.S. headquarters in the state.[9][10]