OPINION: Proposed Price Control Legislation Could Destabilize Nevada’s HealthCare Industry

Throughout my life, I have witnessed, appreciated, and proudly fought for all that makes Nevada a great place to live. As a member of the State Assembly, I’ve come to understand how many aspects of life in my District 22, and the state at large, are intertwined.

The healthcare industry and biopharmaceutical footprint in Nevada is one of the most notable examples. I feel a personal and professional drive to improve healthcare for all in the state, and I know my fellow representatives do too. But, we must be wary of making major changes that will significantly hurt other facets of our communities in return.

According to data from We Work For Health, the biopharma industry supports more than 19,000 Nevada jobs, including nearly 4,000 directly in this industry. With 160-plus vendor relationships supporting clinical trials, finance, real estate, manufacturing, sales, transportation, and supplies, the sector’s economic output in our state totaled $5.5 billion in 2022 alone.

That’s before mentioning the 8,189 state residents who participated in clinical trials across 418 sites, which levied an economic impact of $357.1 million and helped advance the research and development of new treatments. The outcomes of these trials will help patients in Nevada and across America for generations.

The biopharmaceutical industry invests billions of dollars annually in research and development to discover new therapies and improve access to and capabilities of existing ones. The companies that fund this vital work rely on and reinvest earnings into the next breakthroughs that can boost healthcare and attract additional investment in Nevada.

Recognizing the broader economic impact on Nevada, it’s clear the biopharmaceutical industry is not just about curing and treating disease. The economic ripple effect is significant. These medical advancements can be commercialized, spawning new businesses and attracting investment and more jobs to the state. Local vendors and service providers, in turn, benefit from increased demand. Price control could stifle innovation and discourage further workforce growth.

From creating high-paying jobs to fostering innovation and driving economic growth, the life science sector’s impact on Nevada’s economy and workforce is undeniable. The stability and future of this industry are at risk if price control measures upend this delicate balance. We should be looking to lower prescription drug costs in our state, but there are significant complexities in healthcare policy that need to be addressed by all parties within the prescription drug chain. The biopharma industry provides many jobs in our state, and it would be disastrous to drive them out through shortsighted policies.