Biopharmaceutical sector's impact on US economy and jobs demonstrated

“At a time when the USA is facing a jobs crisis, evidenced by the terrible employment numbers from last Friday, it is critical that our policymakers embrace dynamic and innovative business sectors such as the biopharmaceutical research sector and refrain from stifling job growth through shortsighted proposals such as government-mandated price controls in Medicare Part D,” said Pharmaceutical Research and Manufacturers of America (PhRMA) president and chief executive John Castellani.

“A new paper from the Battelle Technology Partnership Practice underscores our sector’s tremendous contribution to America’s economy. Startling potential job losses would result from undermining the business foundations of biopharmaceutical companies,” he noted.

The report estimates that a $20 billion per year reduction in biopharmaceutical sector revenue would result in 260,000 job losses across the US economy. As President Barack Obama and Congressional leaders negotiate an important agreement on the debt ceiling and the future of the nation’s economy, it is critical that the jobs crisis is not exacerbated, the PhRMA chief said.