Obama Jobs Bill Could Dry Up 238,000 Pharmaceutical Jobs, Report Says

From CNS News:

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President Obama’s jobs bill could result in the loss of as many as 238,000 jobs in the pharmaceutical industry by 2021, says a new study says.

The American Action Forum (AAF), a conservative think tank headed by former Congressional Budget Office Director Douglas Holtz-Eakin, says to help pay for Obama’s American Jobs Act, prescription drug manufacturers would be required to give billions of dollars in rebates to the federal government to have their drugs dispensed to low-income seniors through the Medicare Part D program.

Those rebates would save the federal government $135 billion over ten years, the Office of Management and Budget estimated. But the savings would come at the expense of the pharmaceutical industry:

“At a minimum, these additional rebates would constitute a direct, dollar-for-dollar reduction in revenue to the pharmaceutical industry,” the AAF study said. “Using the historic relationship between revenues and employment, we find that by 2021 the proposal could reduce pharmaceutical and related employment by up to 238,000 jobs.”

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