Regional Business Leaders Warn of Tremendous Loss of Jobs, Economic Output from H.R. 3

Regional Business Leaders Warn of Tremendous Loss of Jobs, Economic Output from H.R. 3




Regional Business Leaders Warn of Tremendous Loss of Jobs, Economic Output from H.R. 3

This legislation poses the danger of decimating the workforces and economies of Delaware, New Jersey and Pennsylvania

WILMINGTON, Del.–(BUSINESS WIRE)–#HR3–Thirty business leaders in Delaware, New Jersey and Pennsylvania have joined a letter to the three states’ Congressional Delegations voicing their opposition to a drug-pricing bill currently before the House of Representatives, H.R. 3, and similar efforts in the U.S. Senate.

Citing a recent study, these groups warned of a resulting regional job loss totaling 131,500 as well as $35.4 billion in lost economic output annually combined between the three states if the bill were enacted. In addition to the potential job and economic impact, the letter also forewarned of significant decreases in construction activity, tax revenue, charitable donations, vendor spending and other adverse consequences.

“Not only would H.R. 3 significantly harm our region’s workforce and economy, it also would severely curtail the life sciences’ ability to research and discover the next generation of vaccines, treatments and cures at a time when global human health needs them more than ever,” said Michael Fleming, President of Delaware Bio (www.delawarebio.org).

“This bill would dramatically reduce the nearly $100 billion the life sciences invests annually in R&D as they pursue new treatments and cures for some of the world’s most dreaded diseases,” said Dean J. Paranicas, President and Chief Executive Officer of the HealthCare Institute of New Jersey (www.hinj.org).

“Simply put, H.R. 3 is bad for patients, bad for global health and bad for Pennsylvania’s, Delaware’s and New Jersey’s economies,” said Christopher P. Molineaux, President and Chief Executive Officer of Life Sciences Pennsylvania (www.lifesciencespa.org).

The business leaders urged federal representatives in the three states to oppose H.R. 3 and instead focus on policies that will actually lower patients’ out-of-pocket costs. This bill will not lower costs for patients, but it will jeopardize patient access and the future of medical innovation.

Read the letter: https://klinkcampaigns.com/wp-content/uploads/2021/09/OpenLtr.pdf

For more information, please contact:

In Delaware: Michael Fleming, michael.fleming@delawarebio.org

In New Jersey: Steve Issenman, (908) 347-9418 or issenman@hinj.org

In Pennsylvania: Christopher P. Molineaux, cmolineaux@lifesciencespa.org

Contacts

DE: Michael Fleming, michael.fleming@delawarebio.org
NJ: Steve Issenman, issenman@hinj.org
PA: Christopher P. Molineaux, cmolineaux@lifesciencespa.org