New Jersey is home to some of the biggest business giants in the world. From pharmaceutical companies to multinational conglomerates, the state has been the epicenter of some of America’s biggest business news. In this article, we take a look at the top 5 business news headlines in New Jersey you need to know.
1. Johnson & Johnson’s Ongoing Legal Battles
Pharmaceutical giant, Johnson & Johnson, has been facing several legal hurdles over the years. Recently, the company was ordered by a New Jersey state jury to pay $750 million in punitive damages to four plaintiffs who claimed the company’s talcum powder contained asbestos and caused them to develop mesothelioma. The company has also been facing public scrutiny over its role in the US opioid crisis, leading to a $572 million settlement with Oklahoma State in 2019.
2. Merck’s Quest to Fight Cancer
Merck, another major pharmaceutical company in New Jersey, has made remarkable progress in the fight against cancer. The company’s cancer drug, Keytruda, has shown promising results in treating various types of cancer. In March 2021, the FDA approved Keytruda for use as a treatment for advanced endometrial cancer.
3. Amazon’s Expansion in the Garden State
E-commerce giant Amazon has been expanding its presence in New Jersey in recent years. In 2021, the company opened a new fulfillment center in West Deptford, adding 1,000 jobs to the local economy. The company also plans to open a new delivery station in Edison, expanding its logistics network in the area.
4. Newark’s Innovative Economic Development Plan
Newark, New Jersey’s largest city, is on a mission to revitalize its economy. In 2020, the city launched an innovative economic development plan, the Newark Venture Partner Labs (NVP Labs), which offers funding, mentorship, and office space to start-ups and entrepreneurs. NVP Labs has already invested in over 40 start-ups, attracting new talent and innovation to the city.
5. The Rise of New Jersey’s Renewable Energy Industry
New Jersey has seen a surge in renewable energy projects in recent years, thanks in part to the state government’s commitment to clean energy. Offshore wind power is a major focus, with several projects in the works, including Ocean Wind, one of the largest offshore wind farms in the country. Solar power is also on the rise, with the state’s Solar Renewable Energy Credit program leading the way.
In conclusion, New Jersey remains a major hub for business and innovation. From legal battles to medical breakthroughs, to renewable energy projects, the state’s business news is always buzzing with activity. These top 5 news headlines demonstrate the diversity and vitality of the state’s economy, making it a great place to be for entrepreneurs, investors, and professionals alike.
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