The federal government reached its current borrowing limit last week, prompting the Treasury Department to begin implementing procedures to manage the flow of funding through the government to accommodate the debt limit. House Republicans have signaled the intention to negotiate for reductions in federal spending and potentially prioritizing some obligations once the Treasury’s “extraordinary accounting measures” run out to agree to raising the debt ceiling. It remains unclear which federal programs would be targeted for reductions in spending if Democrats agree to negotiate along these terms.

Last week, BioNJ submitted comments for the OSTP’s request for information for the National Biotechnology and Biomanufacturing Initiative. The comments emphasized the importance of continued private investment in biotechnology, growing and scaling domestic capacity for the industry, expanding an adequately trained workforce and including underserved communities, maintaining secure international partnerships, and protecting intellectual property in the context of the potential TRIPS waiver expansion. We are grateful for the insights provided by our companies and thank the OSTP for the opportunity to share these comments.

As we prepare for Governor Murphy’s budget address at the end of February, the State Legislature has been meeting regularly. While a variety of policies have been pursued, the State prescription drug legislative package has not been heard. BioNJ continues to engage both the Governor’s office and the Legislature to convey the concerns that the industry has with several of the provisions in the package. We look forward to working with the Legislature to ensure that the life sciences sector continues to thrive in New Jersey.

Assemblyman Chris DePhillips introduced a bill that would increase the incentives under the Angel Investor Tax Credit: A5056. Specifically, the bill would increase the tax credit from the current 20% to 30%. Furthermore, it would also increase the additional credit provided when the investment is made in an opportunity zone; low-income community, minority or women’s business; or if qualified venture funds commit to invest 50% of its funds in diverse entrepreneurs from the current total of 25% to 35%.

Last week, the USPTO and FDA held a joint listening session focused on the patent system for drugs. A variety of Patient advocacy groups, academics, companies and trade organizations provided comments. Hans Sauer, Vice President for Intellectual Property at BIO, addressed common misconceptions of the nature of intellectual property in the life sciences. The comments highlighted the fact that companies in the life sciences actually produce fewer patents than comparable businesses in other sectors — such as one-tenth of those produced in high tech or communication technology — and that patents in the life sciences are invalidated less often via litigation, at about 25% of the time, relative to the 40-45% across all industries. In fact, Sauer highlighted that there are golf balls with 60 patents on them while the average number of patents for new chemical entities in the FDA’s Orange Book is approximately five.

To read comments from Hans Sauer, Novartis, PhRMA and others, click here.

BioNJ is the voice of New Jersey’s life sciences sector in Trenton and Washington. BioNJ’s Public Policy Support Series sponsorship opportunities are now available for 2023. Help ensure BioNJ continues to deliver our message of improved Patient access and enhanced innovation through a Public Policy Support Series Sponsorship.  

Click here for more information.