[4][5] 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.
[7] In December 2014, the State of New York announced a US$50 million venture capital fund 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.
[9][10] Below is a list of notable New York metropolitan area biotechnology and pharmaceutical corporations, including companies with either global or U.S. headquarters in the metropolitan region encompassing and surrounding New York City.