Senator Declan O’Scanlon today called on the Legislature and Governor’s office to coordinate efforts to spearhead a rebirth of New Jersey’s once world-leading manufacturing and pharmaceutical research and production industries.
“The time is right now for New Jersey to be planning to take a lead role in re-domesticating these critical industries” said Senator O’Scanlon. “We still have the educated workforce, we still have incredible research universities, we still have the capital and investment resources and we still have the foundation of industrial knowledge and capability that made New Jersey the pharmaceutical and industrial capital of the world last century.
“There is already a nascent initiative to bring development and production of critical drugs and emergency equipment back to the United States. The Legislature – through the Manufacturing Caucus, in which I serve – has already spent the last several years in active, positive dialogue with our remaining manufacturing industry,” O’Scanlon continued. “We must seize this moment to lead the country in reclaiming and repatriating these fundamental, critical industries.”
O’Scanlon called for a comprehensive re-evaluation and reform of industry taxes, rules, regulations and incentives that could facilitate, or stifle such an effort.
“If ever there was a time for us to accept that our policies and tax structure do in fact impact business and investment decisions, it’s right now,” said O’Scanlon. “Believe it or not, there is still a small, but vibrant and determined manufacturing sector in New Jersey. The institutional knowledge of those leading these firms can help us write our roadmap to revitalization. We have a window of opportunity here. We can either pave the way, or stand in the way, that’s our choice.”