PPACA contains provisions and establishes programs that will impact life sciences and medical device companies. Importantly, the deadline for applying for certain benefits is fast approaching.
This Web conference discussed a number of these provisions from both a tax and business perspective, including:
- The Qualifying Therapeutic Discovery Project Credit. This completely new tax credit will allow eligible companies to receive a credit equal to as much as 50% of certain qualifying expenses incurred in connection with certain research projects. Panel members will review the types of entities and projects that qualify for this tax benefit as well as how a cash grant can be obtained in lieu of the credit. The credit/grant is only available for projects that are certified by the IRS (and HHS) and the deadline to apply is July 21, 2010. With the deadline rapidly approaching, the program addressed the nuts and bolts of the application process.
- The Cures Accelerator Network was established through PPACA and provides a fund of $500 million for research and development for entities operating in a field of “high need cures”. Panelists addressed how to qualify for this grant opportunity.
- The bill establishes the Patient-Centered Outcomes Research Institute, a new non-profit corporation that will identify research priorities and provide clinical effectiveness data related to medical treatments. Panelists addressed how data from the Institute will impact medical device and life sciences companies moving forward.
Panelists also discussed new tax levies and credits, including the imposition of an annual fee on branded prescription pharmaceutical manufacturers and medical device companies.
- Ken Appleby, Partner
- Gabor Garai, Partner
Moderated by: Larry Vernaglia, Partner, Foley & Lardner LLP
Extracting the Financial Incentives of Health Care Reform for the Life Sciences Industry is part of the Health Care Reform: What's In It For The Life Sciences Industry Web Conference Series.