Washington, D.C. (December 3, 2009) — Pharmaceutical Research and Manufacturers of America (PhRMA) [learn more] President and CEO Billy Tauzin issued the following statement today regarding President Obama’s forum on job creation:
“Today’s White House summit on jobs represents an important step in moving the dialogue about employment in America from the preservation of jobs toward the creation of jobs.
“Make no mistake about it – we’re in the middle of tough economic times. According to many analysts and economists, America’s economy is beginning its slow recovery. However, with a current national unemployment rate that exceeds 10%, there is a long road ahead.
“That’s why we’re pleased that President Obama recognizes that now is the time to look not just toward recovery, but toward continued growth – growth that depends on expanding the economy and both restoring and creating jobs.“With nearly 700,000 direct employees, according to the most recent available data [industry profile], America’s pharmaceutical research and biotechnology companies support a total of more than 3 million jobs in the U.S. As we have faced the challenges of a slowed economy, like many other business sectors, we appreciate how difficult it can be to preserve jobs. “That’s why President Obama’s job-creation initiative can dovetail with the ongoing effort toward health care reform. We have long believed that health care reform, if done right, can help spur the economy. “Today, millions of Americans lack insurance coverage or have excessive co-pays that cause them to pass on needed medical treatments. This not only has a detrimental effect on patient health, it impacts job stability and economic growth. For example, the Milken Institute has estimated that lost workdays and lower employee productivity due to chronic disease results in an annual economic loss in the U.S. of more than $1 trillion, according to the latest figures available. In fact, chronic diseases account for 75 cents* out of every health care dollar spent in the U.S. To bring rising health care costs under control, we must get serious about addressing the chronic disease epidemic in America.
“From lowering health care costs to improving productivity, health care reform done right can benefit American patients and American jobs.”
The Pharmaceutical Research and Manufacturers of America (PhRMA) represents the country’s leading pharmaceutical research and biotechnology companies, which are devoted to inventing medicines that allow patients to live longer, healthier, and more productive lives. PhRMA companies are leading the way in the search for new cures. PhRMA members alone invested an estimated $50.3 billion in 2008 in discovering and developing new medicines. Industry-wide research and investment reached a record $65.2 billion in 2008.
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