North Dakota could lose up to 303 jobs tied to the biopharmaceutical industry if a proposed Biden administration drug pricing policy goes through, according to a study.
First included in President Biden’s 2024 budget and then moved forward under the SMART Prices Act, the bill would authorize Medicare to set prices for specific drugs five years after FDA approval.
It would also lead to job losses across the U.S., including 50 to 78 direct biopharmaceutical industry jobs in North Dakota and up to 225 biopharma-supported jobs in the state, the study found. However, the study found the potential for widespread job losses and a drop in the number of new medicines developed and approved.
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