Why a Robust Life Sciences Sector is Good for Southern Nevada
This article is written by Rochelle Nguyen, Nevada State Senator, District 3.
When considering the dynamic landscape of the biopharmaceutical industry, most individuals tend to associate it primarily with physicians prescribing medications and pharmacists dispensing them. While these roles play a crucial part in the healthcare sector, this narrow perspective often disregards the extensive and essential work in life sciences that we often take for granted.
Companies in this sector significantly contribute to employment, tax revenue, healthcare innovation, and leadership, both in Nevada and across the United States. It is imperative for our state to cultivate an environment in Southern Nevada that attracts such companies, fostering economic growth that benefits all Nevadans.
The life sciences industry has been a backbone for our economy, providing over 15,000 jobs in Nevada that vary from research and engineering positions to management executives and sales representatives. Beyond the commonly associated jobs, this industry creates employment opportunities in production, administrative support, architecture, computer science, skilled labor, and IT support. These diverse job opportunities cater to individuals pursuing advanced degrees or career and technical pathways.
In 2020 alone, the wages and benefits of industry workers contributed over $200.8 million in state and federal taxes, as revealed by a study from TEConomy Partners. The industry's economic impact surpassed $4.3 billion in the state, encompassing direct output, contributions from vendors and suppliers, and the purchasing power of the workforce. The potential for growth in Southern Nevada is substantial.
A flourishing life sciences sector also brings about the widespread benefit of clinical trials. Currently, Nevadans are participating in more than 320 ongoing clinical trials, contributing significantly to the state's economy. These trials, conducted in collaboration with hospitals, universities, and healthcare facilities, address prevalent health challenges, such as Alzheimer's disease, asthma, arthritis, cancer, diabetes, cardiovascular disease, and infectious diseases.
Clinical trials can take years and are one of the most important steps in the decades-long process of discovering and approving new medicines. Nevadans directly benefit from the proximity to cutting-edge treatments when companies choose to host trials across our state. Currently, Nevada is home to nearly 100 clinical trials for oncology alone, addressing diseases without FDA-approved therapies and offering hope for a cure.
Ensuring every Nevadan has equitable access to top-line healthcare is essential. While we are fortunate the life sciences sector has a presence here, imagine what could be possible if more companies chose to do business in our state. I am dedicated to collaborating with the Henderson Chamber of Commerce to champion an economic environment that attracts and excites life sciences companies about conducting business in Nevada.
