Bipartisan Bill Plans to Allow a Tax Credit for 35% of Contracted Research Expenses
Monday, April 10th (Philadelphia, PA) - DataCeutics, a niche CRO with headquarters in the greater Philadelphia area, provides contract research SAS Programming products and services to the pharmaceutical and biotech industry. “We are encouraged by Congressman Patrick Meehan (R-PA) along with other fellow Congressmen from North Carolina, regarding their introduction of The Domestic Research Enhancement Act of 2017 (H.R. 1234). We echo the support and praise along with our industry colleagues for recognizing the CRO sector and the part we play in the US economy”, said Paul Gilbert, President of DataCeutics.
“Congressional support to further strengthen the pharmaceutical and biotech business to business economy is a very positive and supportive step taken by our government representatives” added DataCeutics’ CEO Matthew Ferdock.
The following was posted by ACRO April 4, 2017 12:00 am
ACRO STRONGLY ENDORSES DOMESTIC RESEARCH ENHANCEMENT ACT OF 2017
April 4, 2017 (Washington, DC) – The Domestic Research Enhancement Act of 2017 (H.R. 1234), which modernizes the research and development tax credit to recognize the essential role contract research now plays in the development of new pharmaceuticals, biologics and medical devices, has been introduced by Rep. Pat Meehan (R-PA) and co-sponsors Rep. George Holding (R-NC) and G.K. Butterfield (D-NC).
“The life sciences industry is a very important economic driver in both Pennsylvania and North Carolina and contract clinical research organizations are a major contributor with ACRO members employing more than 20,000 research staff in these two states,” said ACRO Chairman John Hubbard, PhD, President and CEO of Bioclinica, headquartered in Doylestown, PA. “We commend Reps. Meehan, Holding and Butterfield for introducing legislation that promotes good jobs and domestic innovation.”
The legislation would enable firms conducting contract research across industries to claim a portion of the Research & Development Tax Credit that is now abandoned when a research sponsor, seeking greater efficiency, employs a contract research organization.
“In many ways, North Carolina was the birthplace of the CRO industry and QuintilesIMS is pleased to maintain our headquarters in Durham,” said Cynthia Verst, President of Clinical Operations at QuintilesIMS and an ACRO Board member.
Other ACRO members headquartered in North Carolina include: PPD (Wilmington); INC Research (Raleigh); and PRA Health Sciences (Raleigh). Additionally, LabCorp, the parent company of ACRO member Covance Drug Development, is headquartered in Burlington and Chiltern maintains its US headquarters in Wilmington.