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Washington, D.C. – After the publication today of the 17�Թ�����’ latest report, “Ensuring a Healthy Future: The Impact and Importance of Pharmaceutical Manufacturing,” 17�Թ����� President and CEO Jay Timmons released the following statement:

“Pharmaceutical manufacturers are essential to America’s health and well-being and to the success of our economy. They have helped lead our country through crisis, fight the pandemic and drive our recovery. The sector creates hundreds of thousands of jobs, and the work its quarter of a million employees perform is literally lifesaving, improving society in ways that are almost impossible to overstate.”

The report finds that not only have pharmaceutical manufacturers been pioneers in improving the human condition, but the industry also fuels other sectors of the economy.

According to the report:

• Pharmaceutical and medicine manufacturing directly employs an estimated 267,000 workers in the United States and supports nearly 1.9 million more jobs across the country.
• One job in the industry helps support six other jobs in the overall workforce.
• Pharmaceutical and medicine manufacturing generates nearly $339 billion in output. Further, $1.00 in pharmaceutical and medicine manufacturing output generates $1.09 in output elsewhere in the economy.
• For every $1.00 earned by an employee within the industry, $2.42 is earned by others elsewhere in the economy.

“The American public and policymakers too often overlook these accomplishments,” Timmons added. “Traditional economic analysis ignores the way this industry extends and enriches lives, and the public is not fully aware of pharmaceutical manufacturers’ constant focus on innovation and improving the quality of life for everyone. Pharmaceutical manufacturers are always researching, discovering and developing new medicines and treatments, operating at the core of our modern health care system. Their products make it possible for medical professionals to introduce and manage innovative new therapies, and of course, these manufacturers helped create lifesaving COVID-19 vaccines. Moreover, the industry has high economic multipliers that drive production and job creation in other industries.”

Additional Key Findings:

• A successful pharmaceutical ecosystem requires strong private-sector investment. 
  • In 2019, American pharmaceutical companies invested more than $83 billion in research and development, topping off nearly $1 trillion in R&D investment over the past 20 years. A recent study from the National Science Foundation’s National Center for Science and Engineering Statistics estimates that the pharmaceutical and medicine manufacturing sector alone accounts for roughly 17% of total R&D investment in the United States.
  • The pharmaceutical industry invests nearly 11.4% of its sales back into R&D. Indeed, the U.S. pharmaceutical industry invests on average roughly three times more in R&D as a percentage of sales than all other manufacturing industries.
• The industry creates valuable STEM jobs.
  • While roughly 6.7% of the U.S. workforce has a STEM occupation, 29.9% of all jobs in pharmaceutical and medicine manufacturing are STEM related. The pharmaceutical manufacturing sector employs more than four times the percentage of STEM workers employed in the overall workforce.
• Industry employees are highly productive.
  • Industry employees produce $1.3 million in output per employee. This is nearly seven times greater than the U.S. economy’s average output per employee ($188,000).

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.44 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 17�Թ����� released its Manufacturers’ Outlook Survey for the third quarter of 2021, showing manufacturers remain mostly optimistic in their economic outlook (87.5%, down from 90.1% in Q2). Consistent with Wednesday’s Bureau of Labor Statistics report showing a record 889,000 job openings in manufacturing, respondents named workforce shortages (81.5%) as their top downside risk. Manufacturers also indicated the many ways that proposed tax increases threaten jobs, investment and growth in the sector.

The 17�Թ����� is also launching a six-figure ad campaign calling on Congress to protect manufacturing jobs by opposing tax increases in the budget resolution. The print, radio and digital ads will run in Washington, D.C., and in key states across the country.

“This survey delivers an urgent warning for lawmakers: if you raise taxes on manufacturers, there will be no avoiding widespread job losses, slower growth and wage stagnation,” said 17�Թ����� President and CEO Jay Timmons. “At a time when paychecks for manufacturing families are growing at the highest rate in nearly 40 years, the tax increases under consideration by Congress will directly harm the men and women who make things in America. Like the New York manufacturer that hired 50 new workers, doubled the size of their manufacturing facilities and increased employee wages by nearly 5%, manufacturers across the country are keeping our promises after the 2017 tax reforms, investing in our people and our communities. To protect our recovery, we should all want to protect these reforms.

“The worsening workforce crisis, demonstrated in this and many previous surveys, is the driving motivation behind the 17�Թ����� and Manufacturing Institute’s campaign, which we will be ramping up even further in the coming months to tackle this challenge. With a record 889,000 open jobs in manufacturing and 4 million to fill by 2030, this is the largest campaign ever to build the workforce of tomorrow and inspire, educate and empower a new generation of manufacturers in America.”

Other survey highlights:

• Nearly 94% of manufacturers said that higher taxes would be harmful to their businesses.
• Roughly 90% of respondents said that their company would find it more difficult to expand their workforce, invest in new equipment or expand facilities if the tax burden on income from manufacturing activities increased.
• Nearly 91% said that higher taxes would also make it more difficult to raise employee wages.
• The top three challenges facing manufacturers are increased raw material costs (86.4%), attracting and retaining a quality workforce (80.0%) and supply chain challenges (79.8%).
• Respondents predicted employment and wage growth to rise at the fastest rates in the survey’s 24-year history.

Read the full Q3 2021 Manufacturers’ Outlook Survey results here.

Background on manufacturing growth following the enactment of 2017 tax reform:

• In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
• In 2018, manufacturing wages increased 3% and continued going up—by 2.8% in 2019 and 3% in 2020. Those were the fastest rates of annual growth since 2003.
• Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.
• Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Timmons on Labor Shortages, Creators Wanted Campaign

“Let’s be upfront about it. We have a very severe worker shortage in our country right now. It’s why the 17�Թ����� has been so focused on our , to attract that next generation of manufacturing workers, and we are in competition now all across every sector for workers.

…

“So, if you think about supply chain shortages, why is that happening? Part of it certainly is the pandemic and the ability for trade to move freely, but you also have issues of not enough people at factories producing the component parts that go into finished products. What does that lead to? That leads to higher prices. So, it’s a supply and demand issue. Jim Cramer earlier today talked about a focus on getting this worker shortage under control. He mentioned, for instance, one possibility of helping to deal with this is immigration reform and that he thinks that there is a potential bipartisan solution to that. I believe there is as well. We have been pushing that through our program called A Way Forward at the 17�Թ����� for a number of years. We think that’s one thing that will help get the economy back and deal with some of these issues.”

Timmons on Separating Infrastructure Investment from the Budget Resolution

“I think it was an extraordinary achievement by the Senate, a bipartisan achievement by Republicans and Democrats to get that bill across the line. We said at the 17�Թ����� from the start that we would see probably about $1.2 trillion without punishing and archaic tax increases that would take us back to a time when we weren’t able to invest and hire and grow wages like we have for the last three years…We think that this bipartisan solution needs to get across the finish line. This is a very big priority not only for the president, but also for the American people. We know that can get done.

“…the reconciliation package that may be being developed…we have some serious concerns. We will certainly oppose any of the archaic tax increases that have been discussed. We are hearing somewhere between $1.8 and $3.5 trillion on job creators in America. That would take us to where we were before the 2017 tax reforms, where, afterwards, as I said, we were able to have record investment, record job creation, record wage growth. Why would we ever want to undo that? We are watching that very closely. We will oppose the bill with any of those factors in there. We will oppose the pharmaceutical issues that are in those bills that will stop us from being able to deal with the next pandemic. And we are going to oppose the labor provisions that would drive a wedge between management and our workers. There are a lot of things in that bill we don’t like. But infrastructure, BIF as it’s called in Washington speak, needs to get across the line right away. It’s an accomplishment we can all be proud of.”

Timmons on the 17�Թ�����’s Vaccine Mandates

“I am so proud of the 17�Թ����� team…We had a…94% vaccine acceptance rate before we imposed the mandate, and since then…we have achieved 100%. And I am thrilled because our team cares about not only themselves and their families, but also the people that we interact with every day—our 14,000 member manufacturers across the country. It’s the responsible thing to do, and I am happy that team 17�Թ����� came through.

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“What I hear from every single CEO that we represent is that their number-one concern is their employees, the health of their employees, the health of their employees’ families and their communities…It’s become political at times, but it doesn’t need to be. The last administration through Operation Warp Speed helped develop a vaccine in just record time with all the safety protocols in place. This administration is executing the vaccinations across the country. It’s a bipartisan effort, a nonpartisan effort, I would say, to make sure that our communities are safe, that our country is safe and the world can return to normal. It’s the only way it’s going to happen—we know that.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.44 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following the U.S. Court of Appeals for the Federal Circuit decision in 17�Թ����� v. Department of the Treasury, 17�Թ����� Senior Vice President and General Counsel Linda Kelly released this statement:

“The 17�Թ����� is very gratified to see the court agreed in full with the trial court’s decision holding that Congress spoke clearly when it created and expanded the duty drawback program to support U.S. exports. Put simply, this program helps manufacturers in America level the playing field when they sell to overseas markets. We look forward to working with our members as they expand their operations and add jobs in the United States in light of today’s decision.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.4 million men and women, contributes $2.44 trillion to the U.S. economy annually, has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – The 17�Թ����� released a study on the damaging effects of proposed changes by the administration to the Global Intangible Low-Taxed Income regime under consideration. The analysis, prepared by EY’s Quantitative Economics and Statistics (QUEST) group, finds that the proposed rate increase, expansion of amounts subject to tax and changes to the method of calculation would have a destructive effect on U.S. employment and economic growth.

“Policymakers should want the next manufacturing dollar spent right here in America. But these proposed tax changes would reduce investment and lead to job losses in the United States, harming manufacturers and manufacturing workers,” said 17�Թ����� President and CEO Jay Timmons. “In a global economy, U.S. and foreign business activity is interconnected, and we should be doing everything we can to level the playing field, not tilt it against manufacturers in America who are leading our post-pandemic recovery.”

Key findings on the reduction in U.S. jobs and investment:

• The proposed changes to GILTI would reduce domestic employment of globally engaged U.S. firms by between 500,000 and 1 million lost jobs.
• The proposed changes to GILTI would reduce domestic investment of globally engaged U.S. firms by between $10 billion and $20 billion.

Read “Estimated impacts of proposed changes to GILTI provision on US domestic economic activity” here.

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 58% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Following U.S. Senate passage of the Infrastructure Investment and Jobs Act, 17�Թ����� President and CEO Jay Timmons released this statement:

“The Senate’s passage of this historic, bipartisan legislation is a tremendous achievement and a credit to President Biden and the group of senators who met across the aisle to address our country’s longstanding infrastructure needs. This is the type of infrastructure investment manufacturers have long championed, and the bipartisan approach shows that our legislators can indeed still come together to accomplish transformational change. We now urge members of the House to follow the Senate’s example, pass this bipartisan bill and send it to the president’s desk for his signature without delay.

“The more than 12 million men and women of manufacturing are counting on Congress to get this done—because it will renew and revitalize our nation’s physical infrastructure, improving productivity and quality of life for everybody, without erasing the tax reforms that helped manufacturers keep our promises to innovate, hire more employees, raise wages and benefits and reinvest in communities.

“The 17�Թ����� has led the charge for historic investments in infrastructure for years, as outlined in our infrastructure blueprint, ‘Building to Win,’ and many of its recommendations are in the final Senate bill. The bill also includes a range of actions that the 17�Թ����� calls for in our climate policy plan, ‘The Promise Ahead,’ along with many of the 17�Թ�����’s supply chain and permitting goals, which are laid out in ‘Strengthening the Manufacturing Supply Chain.’

“With world-class infrastructure enhancing our competitiveness, manufacturers will be better prepared to help build an economy that lifts up all Americans and enables us to lead through this century and into the next.”

Find a list of key 17�Թ����� priorities in the Infrastructure Investment and Jobs Act here.

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – Following the announcement of the budget resolution introduced today, 17�Թ����� President and CEO Jay Timmons issued this statement.

“Budget resolutions are a statement of principles from the majority party and the beginning of a lengthy process. And while leaders may seek to achieve many laudable goals through this process, manufacturers have serious concerns that some of the proposals—chiefly, the possibility of rolling back job-creating tax reforms to meet the tax increase revenue projections—would be devastating for America’s manufacturing workers.

“The primary goal here should be building an opportunity society, in which all Americans can pursue their dreams. It needs to create good jobs and maintain a strong social safety net. That means upholding the values that have long made America exceptional—free enterprise, competitiveness, individual liberty and equal opportunity.

“Returning to the archaic tax policies of the past, however, does not foster an opportunity society. It will stifle job creation in America. It would restrain America’s job creators from continuing to lead our economic recovery—including the manufacturers who have worked tirelessly to support our country through the pandemic. As many as 1 million American jobs would be lost in just the first two years if these kinds of tax policies were adopted, depriving Americans of rewarding career opportunities. The goal of our nation’s leaders should be to make the tax code more competitive, not less. Manufacturers kept their promises after the 2017 tax reform law. 2018 was the best year for manufacturing job creation in more than two decades. Wages soared, and manufacturers invested in their people and communities. Why would anyone want to undo that progress?

“Manufacturers are also concerned by indications there will be efforts and proposals that would restrict the ability of lifesaving pharmaceutical manufacturers to drive innovation in the United States. And we would also oppose attempts that have been mentioned to impose the anti-worker PRO Act because such actions would harm the productive relationship that so many manufacturing workers and employers have cultivated. They would rob many of their right to work, deny them the ability to communicate freely, invade their privacy and even force them to pay union dues.

“This is not how we build an economy that works for everyone. This is how we short-circuit an economic recovery and give other countries a competitive edge. The bipartisan infrastructure bill would be a giant step forward for our country, but a successful effort to roll back tax reforms would be a bigger step backward.

“Many Americans feel left behind today. Some feel left behind amid the pandemic-induced economic turmoil, others because they sensed the system didn’t work for them even before the pandemic. Lawmakers must continue working to lift up all Americans and build a true opportunity society. In the judgment of manufacturers in America, this resolution and the stated intentions of those who are drafting it do not achieve that worthy objective.”

Background on the manufacturing sector under the Tax Cuts and Jobs Act:

• Between the enactment of tax reform and the start of COVID-19, the manufacturing industry saw jobs, wages and investments surge.
  • In 2018, manufacturers added 263,000 new jobs. That was the best year for job creation in manufacturing in 21 years.
  • In 2018, manufacturing wages increased 3% and continued going up by 2.8% in 2019 and by 3% in 2020. Those were the fastest rates of annual growth since 2003.
  • Manufacturing capital spending grew by 4.5% and 5.7% in 2018 and 2019, respectively.
  • Overall, manufacturing production grew 2.7% in 2018, with December 2018 being the best month for manufacturing output since May 2008.

Earlier this year, the 17�Թ����� released a major tax study on the effects of proposed tax increases. That study found that 1 million jobs would be lost in just the first two years if those increases were to be implemented.

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org

Washington, D.C. – 17�Թ����� President and CEO Jay Timmons released the following statement on the passing of AFL-CIO President Richard L. Trumka.

“America has lost a tremendous leader with the sudden passing of Richard Trumka. I was privileged to call him a friend and colleague, working with him closely on issues ranging from infrastructure and workforce development to protecting civil rights and advancing equality. Like so many others, I learned a great deal from him along the way and admired his unshakeable authenticity and decency.

“He was a patriot and a statesman who demonstrated unwavering strength of purpose and never forgot who he represented. We may have sparred at times on policy priorities, but one thing was always clear: whether we aligned on an issue or took differing views, he was fighting with conviction on behalf of American workers and for a stronger America.

“Perhaps most of all, I appreciated his belief that management and workers have far more that unites them than divides them. He shared a commitment to the preservation and expansion of democracy here and around the world. He understood that our economy’s success and workers’ future depend on faith in our institutions. His powerful words in response to the January 6 insurrection are stamped in history and exemplified his resolve to stand strong against forces that would undermine our constitutional democracy.

“We extend our deepest condolences to his wife Barb, his family and to his AFL-CIO colleagues. His vision, voice and leadership will be greatly missed, but America is truly blessed to have had his countless contributions.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.

Washington, D.C. – Today, following President Joe Biden’s decision to require vaccinations of all federal employees, 17�Թ����� President and CEO Jay Timmons released the following statement:

“The lifesaving COVID-19 vaccines were made for us, by people like us—manufacturers in the United States. They are proven, safe and the only way we can save lives, end the pandemic and sustain our economic recovery. Since vaccines became available, manufacturers have been leading by example, helping their employees access vaccines and confidently get vaccinated, and we support all efforts to get more Americans vaccinated so we can beat back COVID-19 and the aggressive delta variant and save lives.

“Through our This Is Our Shot project, the 17�Թ����� and The Manufacturing Institute have equipped manufacturers with resources to help their teams get vaccinated and protect their communities—ranging from videos, graphics and vaccine locators to FAQs and in-depth communications guides. On our own team, the 17�Թ����� achieved a voluntary vaccination rate of 98%, and to ensure our staff and those with whom we interact are as safe as possible, we then made the decision to require vaccinations by mid-September.

“Manufacturers will continue to lead by example and work with the administration to promote vaccination and with our employees and communities to provide them the information they need. The recent surge in cases is a reminder that this pandemic is not over, but with these vaccines, it is within our power to dramatically change the trajectory of this virus.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org 

Washington, D.C. – Today, following the Senate’s vote to invoke cloture on the bipartisan infrastructure legislation, 17�Թ����� President and CEO Jay Timmons released the following statement:

“This is history in the making, and manufacturers celebrate the leadership of the bipartisan group of senators who, along with President Biden and his administration, got us to this moment. We will continue to work with leaders in both parties to get a final bill passed by Congress and on to President Biden’s desk.

“For many years and across multiple administrations and Congresses, the 17�Թ����� has led the charge for bold, historic infrastructure investment. We’re not done yet, but we’re closer than ever. This bill will not just support our economic recovery; it will provide the foundation for decades of American economic leadership. It will save lives and improve the American quality of life. It will help manufacturers in America compete in the world and create jobs here at home. And it will do all that without rolling back all the tax reforms that have allowed manufacturers to hire more workers, raise wages and benefits and invest in our communities. This is truly how we build to win.

“Manufacturers of all sizes, across this entire country, now call on the Senate and then the House to swiftly pass the bipartisan infrastructure bill—to show the world we plan to lead in the 21st century and into the 22nd and to show the American people that our government can still do great things.”

-17�Թ�����-

The 17�Թ����� is the largest manufacturing association in the United States, representing small and large manufacturers in every industrial sector and in all 50 states. Manufacturing employs more than 12.3 million men and women, contributes $2.35 trillion to the U.S. economy annually and has the largest economic multiplier of any major sector and accounts for 63% of private-sector research and development. The 17�Թ����� is the powerful voice of the manufacturing community and the leading advocate for a policy agenda that helps manufacturers compete in the global economy and create jobs across the United States. For more information about the 17�Թ����� or to follow us on Twitter and Facebook, please visit www.nam.org.