US Lawmakers Hope to Bring Back Life to Covid-Disrupted Clinical Trials
The pandemic has brought about crazy innovation levels as pharmaceutical companies fought to develop coronavirus vaccines and treatments at record speeds. Unfortunately, that also means that active clinical trials were halted or cancelled entirely. Patients enrolled in or awaiting clinical trials for treatment have been left on hold, unsure if they should continue waiting for the experimental treatments or move forward with existing (if any) treatments. But as we slowly begin to move towards recovery from the pandemic, it’s time to help those halted clinical trials and get other areas of health science research back on their feet. Or, atleast, that’s what two lawmakers are proposing.
Bobby Rush and Brian Fitzpatrick have proposed the LOANS for Biomedical Research Act, a bipartisan bill, that would provide funding in the form of BioBonds to companies and universities conducting FDA-approved clinical trials to identify therapies for unmet medical needs.
If successful, up to $10 million of BioBonds would be issued through 2022 to 2024. This funding is not a grant – it is a loan and needs to be paid back regardless of trial success. This caveat means the researchers who receive it would need to have long-term, risk-averse capital which is not really what we see in the pharmaceutical industry.
This past year has shown us that when funded well, drug research can be sped up. When given resources, and trials are not slowed down by years of gathering funding and supplies, the results could be astounding. With any luck this bill could provide an opportunity to really advance R&D in the pharmaceutical and healthcare world.
Are you developing new technology for an existing application? Did you know your development work could be eligible for the R&D Tax Credit and you can receive up to 14% back on your expenses? Even if your development isn’t successful your work may still qualify for R&D credits (i.e. you don’t need to have a patent to qualify). To find out more, please contact a Swanson Reed R&D Specialist today or check out our free online eligibility test.
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