American families and businesses want Washington to put aside partisanship and help foster an environment in which private-sector job growth can flourish. They are counting on us to do our part to restore consumer and investor confidence in our economy. They expect us to make the necessary investments to ensure that U.S. businesses can compete and grow and American workers have the opportunity for well-paying jobs. Congress should take action to restore that confidence and maintain America?s economic might.
One essential step is to promote innovative emerging industries ? particularly small businesses and startups working to turn new concepts into products made in the United States.
Continue ReadingAs a representative of one of the nation?s top 10 biotech states, I am proud that Pennsylvania companies are on the innovation front lines. The life sciences industry in Pennsylvania employs more than 80,000 people and is responsible for an additional 350,000 jobs ? all pumping more than $6.7 billion into the state economy.
The success of biotechnology in Pennsylvania is no accident. It is the result of a combination of a vibrant environment for basic research and an economic climate that promotes and sustains business development in the life sciences. Entrepreneurs can team up with scientists and engineers from our leading research universities to start businesses based on the newest ideas for therapeutics and devices.
These entrepreneurs then succeed by sustained efforts ? supported by strategic leveraging of public dollars and private investments. We can promote these same public-private partnerships across the country, through targeted investments in emerging industries like biotechnology.
That?s why in 2009, I ? working with Democratic Sens. Robert Menendez of New Jersey, John Kerry of Massachusetts, Maria Cantwell of Washington and Rep. Chris Van Hollen of Maryland ? championed the Therapeutic Discovery Tax Credit. As a result, $1 billion was made available through tax credits and grants to nearly 3,000 small U.S. biotech and bioscience companies in 47 states. This drove growth in the biotechnology sector over the past year ? even while little private capital was available to such high-risk startups.
This seed money is enabling companies to advance cutting-edge research and development and to bring new devices and therapies to market. These dollars are ensuring that small U.S. companies can keep their doors open and continue to employ high-skilled, high-wage workers and advance their new discoveries.
Look at these examples:
Vitae Pharmaceuticals, based in my districtin Fort Washington, Pa., received nearly $1 million in tax credits, which helped increase its research staff by 15 percent and expand its work developing treatments for Alzheimer?s, diabetes, chronic kidney conditions and atherosclerosis.
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