Washington, D.C. (Jan. 21, 2011) — Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John Castellani issued the following statement today regarding the President’s new economic recovery advisory board:
“PhRMA commends President Obama for establishing a new Council on Jobs and Competitiveness, to be led by General Electric Chief Executive Officer Jeffrey R. Immelt.
“Creating the council is equally important as its membership. Assembling a diverse group, including industries that are essential in nurturing domestic innovation, will help to create a viable, comprehensive policy framework to cultivate an environment that encourages companies to remain and grow in the U.S.
“Biopharmaceutical research companies that create today’s medicines and tomorrow’s cures have been essential drivers of job creation across the nation and the valuable medical therapies they produce represent an increasing portion of America’s exports. Biopharmaceutical exports grew by nearly 60 percent from 2005 to 2009.
“In fact, our increasing contribution to the nation’s gross domestic product and retention of valuable jobs within the U.S. comes against the sobering backdrop of tightening access to credit, risk-averse investors, and major declines in job growth and exports in most other U.S. manufacturing sectors.
“Combined, our companies employ around 650,000 high-skill, high-wage men and women and every direct job supports nearly 3.7 additional American jobs.
“While the U.S. retains an advantage in medical innovation, it’s ours to lose. Retaining and extending policies that secure our industry’s future and promote the growth of research and development investment here in the U.S. needs to become a key priority across all sectors.
“PhRMA shares the broad goal of Mr. Immelt, chair of the President’s Council, to help ensure that the U.S. has the world’s most competitive and innovative economy. We look forward to working in partnership to seek a coordinated commitment from a broad range of stakeholders – from private industry to labor to the government – to expand the U.S. manufacturing base and to increase exports.”
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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