The Qualifying Therapeutic Discovery Project provides $1 billion in Federal tax credits or grants to biotech firms. The grant was initially a one-time grant that was introduced last year to encourage research and development in biotech firms. Nearly 3,000 firms received an award but there was wide spread disappointment in the manner the grants were distributed and how much each firm was awarded.
Recently, Congresswomen Susan Davis, D-Calif., and Allyson Schwartz, D-Pa., introduced a bill that would renew the $1 billion annual grant until 2017. According to BIO CEO Jim Greenwood, the renewal of the grant will provide needed financial support to biotech firms that are working on breakthrough therapies and cures that could eventually lower the cost of health care over the next 30 years.
By: Tosin Hassan