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HealthCare Institute NJ Pres.: NJ Will Continue to be Strong Within Medical Industry

4-10-14

New Jersey has traditionally housed headquarters for pharmaceutical companies and been a major part of the medical industry. HealthCare Institute of New Jersey President and CEO Dean Paranicas told NJTV News Managing Editor Mike Schneider that he believes the state will continue to be strong even in the changing health care climate.

With the Affordable Care Act now in place nationwide, many have been concerned about reimbursement rates.

“We’re now moving into an environment which is going to have more of an outcomes focus,” said Paranicas. “With an outcomes focus, you have to look at not only the opportunities that it provides for patients to get medicines and other medical products that they need, but you’re also looking at proactive and preemptive responses.”

Paranicas said that wellness prevention and medication adherence are central parts of the new health care program. According to Paranicas, with the new health care program, products that are being developed and generated will help people be healthier and over time will put less of a burden on health care.

New Jersey has been strong in the medical industry with health care changes, according to Paranicas. As the industry continues to change, Paranicas thinks that the state will continue to be an important part of the industry.

“I think we continue to be very important. We are very proud of the fact that we are known globally as the medicine chest of the world and we certainly intend to keep it that way,” said Paranicas.

More than half of the world’s top 20 bio-pharmaceutical companies have a global, U.S. or North American headquarters in New Jersey, said Paranicas. The goal moving forward, according to Paranicas, is for the medical industry to continue to work with the state and ensure that New Jersey remains an attractive area for science investment.

While some limitations exist, and changes have occurred within the industry, Paranicas said that he is optimistic that New Jersey has outstanding assets that work in the state’s favor.

“We’ve got an extraordinary infrastructure, we’ve got a very talented workforce in the life sciences, we’ve got a network,” said Paranicas. “The recent integration of Rutgers and UMDNJ and the establishment of Rowan as a research university, that is a critical part of what we call this innovation ecosystem, which is the relationship between the academic community in the state and the industry, with the state being a key partner in that.”

Paranicas believes that New Jersey will continue to be a major player in the health care market.

“I’m very confident that will mean that New Jersey will continue to be a key player in this going forward and face what is admittedly very strong competition from other places,” said Paranicas.