American biotech offers the hope of new cures and the growth for new, high quality jobs.
Therapeutic Discovery Projects funds helped to create an average 6 jobs and sustain 7 jobs per company
4 out of 5 CEOs say the Therapeutic Discovery Project is crucial to the survivability & viability of their companies
2,923 companies received awards for 4,606 total therapeutic projects in 2010
The maximum amount a project received was $244,479
78% of projects received the maximum amount
Average project award was $217,108
72% of the money went towards 2009 projects and 28% towards 2010 projects
In 2010, the Therapeutic Discovery Project (TDP) awarded $1 billion in tax credits to about 3,000 small biotechnology companies across the country to accelerate discovery of promising, cutting-edge therapies and technologies to treat serious and life-threatening diseases such as HIV/AIDS, sickle cell anemia, Parkinson’s disease and multiple sclerosis.
TDP criteria: The tax credit was only available to small companies with fewer than 250 employees fewer and covers up to 50 percent of qualified investments in projects aimed at creating new therapies, reducing long-term health care costs, or significantly advancing the goal of curing cancer within the next 30 years.
Each project was reviewed by the Department of Health and Human Services and evaluated for its potential to produce new therapies, address unmet medical needs, reduce health care costs or advance the goal of curing cancer. Only projects that showed potential to meet one or more of these goals were certified as eligible for the credit.
Extend and expand:The level of support provided by the TDP simply cannot meet the needs of the growing biotech field. As evidence of the project’s popularity suggests, Congress should consider extending or expanding the project in order to support American innovation and speed the development of life-saving cures.
U.S. Competitiveness:The Therapeutic Discovery Project helps the U.S. maintain its competitive edge in the global bioscience economy, helping to drive innovation and maintain a strong workforce at home.
Emerging Companies: Supporting American biotech moves America closer to breakthrough therapies, lower overall health care costs and curing debilitating diseases like cancer within the next 30 years. American biotech offers the hope of new cures and the growth for new, high quality jobs – more jobs for Americans, more cures for patients around the world.
It takes on average 10 years or more of research, development and testing, and more than $1 billion to bring a new therapy to market.
Leaders of American biotech companies say that the Therapeutic Discovery Project will help them sustain or create high quality jobs by providing capital assistance that supports their research and work force.