Washington, D.C. (July 15, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) Vice President Karl Uhlendorf issued the following statement:
“It’s extremely unfortunate that President Obama continues to push for a policy that could destabilize the successful Medicare Part D program and have a devastating effect on American jobs.
“It should be noted that published reports indicate that the U.S. biopharmaceutical sector has announced over 118,000 job cuts since the beginning of 2009.
“Furthermore, startling potential job losses could result from policy proposals that would undermine the business foundations of biopharmaceutical companies. A new paper from the Battelle Technology Partnership Practice estimates that a $20 billion annual reduction in biopharmaceutical sector revenue would result in 260,000 job losses across the U.S. economy.
“Government imposed price controls in Part D could fundamentally alter the competitive nature of the program and threaten its success. Savings achieved in Part D are passed on to beneficiaries, contributing to the program’s success in holding costs far below projections, while achieving very high marks from seniors.
“As the President 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 and seniors are allowed to continue enjoying the benefits of Part D.”