Over the years, there has been no shortage of political bashing of the biopharmaceutical industry. At the national level, the Inflation Reduction Act will impose the first federal price controls on certain drugs 性视界传媒 with the current administration pushing for even more draconian measures.
We even see it here in Texas, where the state Legislature last year passed a measure to import price-controlled prescription drugs from Canada.
What性视界传媒檚 important to remember is that none of these actions will actually make prescription medicines more affordable at the pharmacy counter 性视界传媒 more on that a little later on. Instead, these legislative punches may win political points, but they do even more significant damage when it comes to jobs and economic development in Texas.
The Lone Star State is increasingly one of the nation性视界传媒檚 leading life sciences hubs with more than 6,000 biotechnology-related manufacturing and research companies setting up shop here. But that only scrapes the surface of the financial impact these companies have in the state.
Every single one of these biotech firms has a network of vendors, companies that manufacture drug packaging, handle distribution, build factories and office buildings, maintain heating and air conditioning systems, provide essential raw materials, offer food and custodial services and so much more.
These enterprises comprise a powerful economic and job-creating engine that is helping to make the Texas economy one of the most robust in the nation. That helps attract families from across the country, seeking financial opportunities and bright futures, to move here.
New data shows that the vendors providing goods and services to biopharmaceutical research companies with operations in Texas are spending more than $2.5 billion per year and supporting nearly 310,000 jobs. In addition, these vendors for the biotech industry are generating $95 billion in economic output within the state性视界传媒檚 borders.
As someone who has spent his career looking for ways to promote medical research, development and manufacturing, this new data is encouraging. And, yet, some politicians want to put unnecessary legislative and regulatory shackles on the industry and its vendor affiliates who are bolstering our economy and creating so many jobs in Texas 性视界传媒 and across the country. It doesn性视界传媒檛 make sense.
It性视界传媒檚 especially confusing when the so-called solutions they are offering are already prompting some biopharmaceutical companies to curtail the research and development of new drugs. This will have a negative impact on jobs, and, not bring cost relief to consumers.
Texas legislative efforts to import Canadian price controls into this country won性视界传媒檛 benefit consumers because Canada性视界传媒檚 health authorities have said repeatedly that they don性视界传媒檛 have a large enough domestic pharmaceutical supply to fulfill demand in the United States.
And ongoing actions to impose price controls on pharmaceuticals ignore the fact that manufacturers don性视界传媒檛 determine the prices that we pay at the pharmacy. The supply chain middlemen, specifically pharmacy benefit managers, do that with harmful practices that drive up patient out-of-pocket costs and restrict access to more affordable drugs.
Two vital objectives 性视界传媒 maintaining biotech-driven economic growth and achieving more affordable prescription drugs 性视界传媒 should never be viewed as incompatible. With the right public policies, we can have both.
Texans are benefiting from a vibrant economic environment in which life sciences companies and their vendors are creating tens of thousands of jobs. Looking at the future, we should be keeping our foot on the accelerator and not unnecessarily slamming on the brakes.
