Throughout my life, I have seen, valued and proudly fought for what makes Nevada a great place to live, and as a state legislator, I have come to understand how intertwined many aspects of life in my 22nd District and across the state are.
Nevada’s healthcare industry and biopharmaceutical footprint is one of the most prominent examples. I have a personal and professional drive to improve healthcare for all of our state’s residents, and I know my colleagues share that drive. But we must be careful about making major changes that will seriously harm other aspects of our community.
According to data from We Work For Health, the biopharmaceutical industry supports more than 19,000 jobs in Nevada, with nearly 4,000 directly involved in the industry. With relationships with more than 160 vendors supporting clinical trials, finance, real estate, manufacturing, sales, transportation and supply, the sector’s economic output in Nevada reached $5.5 billion in 2022 alone.
And that’s before we even mention the 8,189 Nevada residents who participated in clinical trials at 418 sites that generated $357.1 million in economic impact and helped spur research and development of new treatments. The results of these trials will benefit patients in Nevada and across the country for generations to come.
The biopharmaceutical industry invests billions of dollars each year in research and development to discover new treatments and improve access to and capacity for existing treatments. The companies that fund this important work reinvest their profits, relying on the next breakthrough that can improve health care and attract additional investment to Nevada.
When considering the broader economic impact on Nevada, it’s clear that the biopharmaceutical industry isn’t just about treating or curing diseases. The economic ripple effects are significant. These medical advances can be commercialized, generating new businesses and attracting investment and jobs to the state. Local vendors and service providers benefit from increased demand. Price controls can stifle innovation and inhibit further workforce growth.
From creating good-paying jobs to stimulating innovation and driving economic growth, the impact of the life sciences sector on Nevada’s economy and workforce is undeniable. Upsetting this delicate balance through price control measures puts the stability and future of our industry at risk. While we should strive to lower prescription drug costs in our state, health policy has highly complex issues that all players in the prescription drug chain must address. The biopharmaceutical industry creates many jobs in our state, and eliminating those jobs through short-sighted policies would be disastrous.
