2,923 Small Biotechnology Companies to Receive $1 Billion in New Therapeutic Discovery Project Credits and Grants
On November 3, the Secretary of the Treasury, the Secretary of Health and Human Services, and the National Institute of Health Director announced recipients of the $1 billion in new therapeutic discovery project credits and grants created by the Affordable Care Act. The 2,923 small companies receiving awards specialize in biotechnology and medical research and are located in 47 states and the District of Columbia.
The purpose of the program is to assist biotech companies in producing new, cost-effect technologies, create jobs, and increase the competitiveness of the United States in the global biotechnology industry, specifically in the filed of life, biological, and medical sciences. The program is meant to target projects showing significant potential to produce new therapies, address unmet medical needs, reduce long-term growth of health care costs, or advance the goal of curing cancer within the next 30 years. The biotechnology industry is growing rapidly and currently employs approximately 1.3 million workers.
The new therapeutic discovery project credit covers up to half of the cost of qualifying biomedical research. The credit is only available to firms with fewer than 250 employees.
For more information on tax and regulatory issues influencing the biotechnology industry, please contact us at firstname.lastname@example.org.