The Qualifying Therapeutic Discovery Project program made grants and tax credits available for projects expected to reduce health-care costs, advance the quest to cure cancer or result in new treatments for disease. Also taken into account was each project’s potential to create or retain high-paying American jobs.
A total of 158 Pennsylvania companies received grants totaling $48.1 million, and four companies got tax credits totaling $1.2 million. According to statewide industry group Pennsylvania Bio, grants went to businesses that are not yet profitable and tax credits were given to companies that have turned a profit.
Recipients are developing treatments for ailments like heart failure, ovarian cancer, diabetes, Parkinson’s disease and lymphoma, to name a few.
The impact of this program on Pennsylvanias bioscience industry cannot be overstated,” says Pennsylvania Bio President Christopher Molineaux in a statement. “The funding it provides will have positive effects on job sustainability, global competitiveness, and on advancing life-saving therapies and cures for patients.
Source: Amber van Niekerk, Pennsylvania Bio
Writer: Rebecca VanderMeulen
