U.S. Chamber Supports Drug Industry Study | U.S. Chamber of Commerce

U.S. Chamber Supports Drug Industry Study

Monday, October 11, 2004 - 8:00pm

WASHINGTON, D.C. – United States Chamber of Commerce Executive Vice President Bruce Josten joined the Pharmaceutical Research and Manufacturers Association in welcoming a new study by the Milken Institute, which found significant economic benefits from the biopharmaceutical industry.

"Each biopharmaceutical job generates six supporting jobs beyond the laboratory – construction workers, truck drivers, security guards and other well-paying jobs," said Josten, during a news conference to unveil the economic impact study. "The very industry responsible for life-saving prescription drugs is providing a higher quality of life for more than two million Americans."

The biopharmaceutical industry was directly responsible for $63.9 billion in real output in 2003 and a total of $172.7 billion when its economic multiplier effect across other sectors is included, according to the study. The District of Columbia and a number of states are heavily dependent on the biopharma industry, including New Jersey, Massachusetts, Indiana, North Carolina, Pennsylvania, Utah, Maryland, New York, Rhode Island, Illinois and Washington.

"The interdependence among regions and industries creates an important web of connections," said Josten. "For states searching for new employment generators, building a biopharmaceutical base can create a huge boost in their economies.

"Other countries are striving for similar economic forces that create jobs - and we are reminded of the importance of protecting the reputation of the U.S. as the best place in the world to do business," Josten said.

The U.S. Chamber of Commerce is the world's largest business federation representing more than three million businesses and organizations of every size, sector and region.

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