By Gareth Sexton / For The Herald
With economic growth slowing nationwide, sustainable job creation has become a valuable indicator of a region’s success.
More than ever, U.S. policymakers must focus on optimizing the industrial sectors that are our most reliable and effective engines of economic growth. Here in Washington state, the life sciences have the potential to create economic stability and job prosperity for a generation to come if they continue to be properly supported.
Although I live and work here in Washington, I serve as a business director for a Massachusetts company that supports research through post-commercialization, applying advanced analytical methods for biotherapeutics, cell and gene therapy developers. The biopharmaceutical and biotechnology sectors are a powerful engine for economic development, and I’ve seen the impacts firsthand. What we’re witnessing on both coasts — and in many of the states in between — are the beneficial ripple effects that occur when an industry achieves success.
These ripples expand far beyond drug developers’ scientists and their immediate staff. Each company that makes prescription drugs and cutting-edge therapeutics relies on a far-reaching economic network of suppliers, vendors and the multitude of small businesses that serve the needs of biopharmaceutical workforces. This industry is as reliable an economic driver as there is. Scientific discovery is relentless, and it creates a demand for an equally consistent job market in Washington state. The imperative to combat disease and extend and improve lives will continue alongside a thriving workforce.
Although it may fly under the radar, Washington is a leading hub for biotechnological growth. An organization called We Work for Health has broken down the economic impact of spending by biopharmaceutical companies and their affiliated suppliers and vendors. The statistics for our state are eye-opening, and speak to the power of investing in scientific innovation.
Just 15 major pharmaceutical companies with a presence in Washington work with over 950 vendors and suppliers, and Washington residents do everything from constructing manufacturing facilities to providing lab coats and uniforms. About $874 million was injected into the state’s economy in 2022 alone, translating to 22,000 direct jobs supported by industry and more than 81,000 total jobs supported.
The case for lasting job creation in the life-science sector is clear. And it’s also what makes the nuances in the ongoing debate over prescription drug pricing so important. At both the state and federal level, important policies are under development to make medicines more affordable for patients and consumers, including finding ways to limit co-pay requirements and keep out-of-pocket costs at reasonable levels. Drug affordability has a direct impact on the biopharmaceutical industry’s ability to provide solutions that meet patient needs at an accessible price point.
Drug development costs have continued to climb; this is especially true for new cell and gene therapies. Some policymakers are contemplating limiting reimbursement for certain types of medicines, which could cause early-stage investors to start pulling back resources from promising new treatments because they may no longer recoup the research and development costs that created that drug in the first place. This would have a negative effect on jobs and growth.
We need a clear vision from our elected officials that works to supply affordable medications for all patients, while preserving a vibrant, job-creating life science industry cluster.
Gareth Sexton, an Edmonds resident, is ProtaGene’s director of business development with a background in health care, pre-clinical/clinical safety assessment, and analytical development. From research through post-product commercialization, ProtaGene provides advanced analytical capabilities and packages for biologics, cell and gene therapies.
Talk to us
> Give us your news tips.
> Send us a letter to the editor.
> More Herald contact information.
