An olive branch from the White House for the life sciences industry

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The current White House administration has not been nearly as supportive of the life sciences industry as other that came before.  Today, some good news.  All categories of the life sciences industry could potentially benefit from President Obama’s proposal to expand the R&D tax credit.   Obama has asked Congress to expand the tax credit by about 20%and make it permanent.   Starting in 1981, the credit has been extended 13 times and expired 8 times – most recently on the final day of 2009.

AdvaMed, BIO and PhRMA (& anyone else in our industry) supports the move by the White House.  In a statement by PhRMA: “For America to keep its global leadership in medical innovation, it is critical that public policies and programs support continued research and development (R&D) of new medicines. Investments made in R&D help support the economy and U.S. jobs, including jobs in the U.S.-based biopharmaceutical sector.”

At the end of the day this is $100 billion dollars on the table over the next 10 years for companies that are performing research and development in the U.S. A full approval by Congress may take into next year; yet, in the wake of healthcare reform & stem cell rulings, this is the first good news our industry has seen from the Obama White House in a while.


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