WASHINGTON, Sept. 27, 2011 /PRNewswire-USNewswire/ -- Thousands of jobs in Michigan supported by the biopharmaceutical research sector would be threatened if harmful policies – such as imposing new taxes in the Medicare prescription drug program – were enacted by federal policymakers.
From research to technical work, manufacturing to construction and other building services, equipment suppliers to child care services, the biopharmaceutical sector supports a broad array of high-quality jobs.
A report by the Battelle Technology Partnership Practice shows that reducing the biopharmaceutical sector's annual revenue by $20 billion would be a serious blow to employment in key regions throughout the country, including in Michigan, where nearly 5,000 jobs would be permanently lost. Overall, the impact would be a potential permanent loss of 260,000 jobs nationwide.
While the Battelle research is not specific to any one policy or event, proposals being considered, such as government-mandated price controls in Part D, would be expected to have an annual revenue impact of this magnitude.
The President and some in Congress have proposed government-mandated price controls in Medicare Part D as part of ongoing budget discussions. Such a policy would have a dramatic negative effect on Michigan's economy and patients, and could undermine the success of the Part D program.
"Biopharmaceutical companies produce the highest-value jobs – the kinds of jobs that can drive future economic growth in Michigan. At a time when the U.S. is facing a jobs crisis, as evidenced by Michigan's 11.2 percent unemployment rate, it is critical that our policymakers embrace dynamic and innovative business sectors such as the biopharmaceutical industry and refrain from stifling job growth through shortsighted proposals," said Pharmaceutical Research and Manufacturers of America (PhRMA) President and CEO John J. Castellani.
Beyond jobs, n
|SOURCE Pharmaceutical Research and Manufacturers of America|
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