PhRMA Statement on Preserving American Jobs, Fostering Innovation

PhRMA Statement on Preserving American Jobs, Fostering Innovation

Washington, D.C. (September 7, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John J. Castellani released the following statement today about American jobs:
 
“We look forward to hearing the President’s vision for the economy and job growth in America. When it comes to medical innovation, our country needs a comprehensive and consistent public policy framework that will cultivate an environment conducive to innovative companies remaining and growing in the U.S. Unfortunately, that is not what we have heard to date.
 
“Over the past year, the President has broadly referred to innovation and American competitiveness as key elements of our nation’s economic prospects. We believe it critically important that the Administration and Congress view the biopharmaceutical research sector – one of the most innovative, technology-driven sectors in America – as a core asset.
 
“America’s biopharmaceutical research companies devote significant private-sector resources to domestic innovation. Last year alone, our sector invested more than $67 billion on R&D of new medicines. In doing so, our companies are essential drivers of jobs across the U.S.
 
“Nationwide, the biopharmaceutical sector supported a total of 4 million jobs in 2009, including nearly 675,000 direct jobs, according to a recent report from the Battelle Technology Partnership Practice. Each job in a biopharmaceutical research company supported almost five additional jobs in other sectors, ranging from manufacturing jobs to construction and other building service jobs to contract researchers and child care providers.
 
“Our nation’s leaders should not take this industry’s continued strength for granted. Like many sectors, biopharmaceutical research companies have faced a tough environment in recent years. However, our sector remains a vibrant engine for high-value jobs and foreign exports.
 
“Startling potential job losses would result from undermining the business foundations of biopharmaceutical companies. The Battelle report estimates that a $20 billion per year reduction in biopharmaceutical sector revenue would result in 260,000 job losses across the U.S. economy. 
 
“Assuming the President truly believes that innovation by the private sector is a pathway to future economic strength – and he still wants to find a cure for cancer in our lifetime – then the policies that he and Congressional leaders pursue must match their rhetoric.
 
“Our global leadership in medical progress – and the domestic jobs and economic output that goes along with it – could be lost if our nation’s leaders do not support policies that help preserve and nurture future medical innovation.
 
“PhRMA and its member companies will continue to work with the Administration and members of Congress, on both sides of the aisle, on bipartisan solutions that can help spur job growth in the U.S., preserve timely patient access to new medicines, maintain market-based competition and foster future development of life-enhancing and life-saving treatments.”

Find PhRMA Online:

For information on how innovative medicines save lives, visit: http://www.innovation.org
For information on the Partnership for Prescription Assistance, visit: http://www.pparx.org
For information on ensuring the flow of medicines during public health emergencies, visit http://www.rxresponse.org

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