Navigation Links
Research Demonstrates Possible Ohio Job Losses from Sectors Supported by Biopharmaceutical Companies
Date:9/27/2011

WASHINGTON, Sept. 27, 2011 /PRNewswire-USNewswire/ -- Thousands of jobs in Ohio 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 Ohio, where nearly 3,000 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 Ohio'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 Ohio. At a time when the U.S. is facing a jobs crisis, as evidenced by Ohio's 9.1 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, $22 million in state and local taxes would be jeopardized – including nearly $4 million generated directly by the biopharmaceutical sector, the report shows. In addition, Ohio would lose over $600 million in total economic output.

Equally important to protecting jobs is protecting the health of Ohio's seniors. Medicare Part D has been an unparalleled success, providing seniors with access to life-saving medicines, generating high satisfaction rates and costing far less than original government projections. Over 50 percent of Ohio's Medicare beneficiaries are enrolled in a Part D plan, according to the Centers for Medicare and Medicaid Services.

"Policies that discourage R&D and cutting-edge science – inevitably slowing the development of needed future medicines – are not fair to seniors waiting for new treatments against our most challenging and costly diseases," Castellani said.

"Our economy is at a critical juncture. We have to create jobs, not lose more. We have to support innovation, not interfere with the most innovative sectors of our economy. We must continue to improve the health of America's seniors, not increase costs and erect barriers to promising scientific breakthroughs," he added.

The research, supported by PhRMA, is available on our website at: http://www.phrma.org/sites/default/files/84/battelle-phrmabiopharmaceuticalsimpacts-usandstatesummary.pdf

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 $49.4 billion in 2010 in discovering and developing new medicines. Industry-wide research and investment reached a record $67.4 billion in 2010. 

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


'/>"/>
SOURCE Pharmaceutical Research and Manufacturers of America
Copyright©2010 PR Newswire.
All rights reserved

Related medicine technology :

1. Research Demonstrates Possible Texas Job Losses from Sectors Supported by Biopharmaceutical Companies
2. China Botanic Hosts Symposium on Research of Polysaccharide Peptide and Natural Innovative Drugs
3. World-Class Stem Cell Pioneers Collaborate & Educate at Texans for Stem Cell Research 2nd Annual Symposium In Austin
4. The ETICS Project, Led by CYTOO in Collaboration With Cellectis bioresearch and the CEA, to Receive Euro 7.6 Million in Funding From OSEO
5. Vista Imaging Services, Inc. Supplies New C-Arm Inventory and Highly Qualified Professional Radiology Technologists to the Texas Institute for Medical Education (TIME) and Medical Education & Research Institute of Nevada (MERIN)
6. Cardiovascular Device Market Research Update- September 2011
7. Global Markets for Contract Pharmaceutical Manufacturing, Research And Packaging: Focus on Emerging Markets
8. Contract Pharmaceutical Manufacturing, Research and Packaging: Global Markets
9. Summer Street Research Partners Closes Financing for Sunshine Heart
10. Global Markets for Contract Pharmaceutical Manufacturing, Research and Packaging: Focus on North America
11. Global Markets for Contract Pharmaceutical Manufacturing, Research and Packaging: Focus on Europe
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:8/15/2017)... Diplomat Pharmacy, Inc. (NYSE: DPLO), is now ... residents. Naloxone is available without a ... pharmacy, G-3320 Beecher Road. ... Administration, is intended to block or reverse the effects ... of consciousness. The medication is often carried by first ...
(Date:8/14/2017)... HACKENSACK, N.J. and PETACH TIKVAH, ... Therapeutics Inc. (NASDAQ: BCLI), a leading developer of adult ... for the second quarter ending June 30, 2017. ... advanced stages of preparing for our pivotal Phase 3 ... Chaim Lebovits , President and Chief Executive Officer ...
(Date:8/8/2017)... Second-quarter 2017 revenues of $876 ... from continuing operations Second-quarter ... $110 million Second-quarter 2017 ... Second-quarter 2017 adjusted diluted ... percent to $0.93 Second-quarter ...
Breaking Medicine Technology:
(Date:8/16/2017)... Linda, Ca (PRWEB) , ... August 16, 2017 , ... ... innovators, engineers, and scientists from around the world, is excited to announce Andrew Ly ... him in his academic pursuits, covering textbook costs. , Ly, who is in ...
(Date:8/16/2017)... ... 16, 2017 , ... With a new PD diagnosis every nine minutes, research ... The grants are awarded through a competitive application process and reviewed by APDA’s Scientific ... and expertise in all areas relevant to PD research. The SAB meets annually ...
(Date:8/16/2017)... ... August 16, 2017 , ... Melbourne’s reign as the world’s most liveable city ... (EIU) annual Liveability Index. , The Index surveys 140 of the world’s cities and ... Melbourne has consistently come in the top three of the index. So what is ...
(Date:8/16/2017)... Fla. (PRWEB) , ... August 16, 2017 , ... ... and management company based in Vero Beach, announced today that two of their ... an organization that represents professionally managed senior living communities in Florida. The awards ...
(Date:8/16/2017)... City, Utah (PRWEB) , ... August 16, 2017 , ... ... on the Inc 5000 list for the fourth consecutive year. With 197% ... 5000 2017 list of the nation’s fastest growing companies. , Previous honors ...
Breaking Medicine News(10 mins):