"In the aftermath of the liquidity crises and Great Recession of 2008 and 2009, it is essential that the U.S. pursue policies that allow -- even if only on a temporary basis -- the redeployment of overseas earnings to address domestic capital needs," said David Jory, spokesperson for the Life Sciences Investment Act Coalition. "We should pursue an economic strategy that makes it more attractive for some capital now invested abroad to be invested domestically, provided that the capital is invested in specific projects, such as life sciences jobs, research, and infrastructure, and only if it is paid from funds that are otherwise permanently invested abroad."
The Life Sciences Jobs and Investment Act provides access in the U.S. to capital otherwise unavailable, and directs it to targeted activities in life sciences that are recognized as essential to the future success of our nation.
"This policy will assist in directing funds to the thriving network of research institutions, business incubators, and private companies that contribute to the innovation environment in Pennsylvania," said Christopher P. Molineaux, president of Pennsylvania Bio. "Pennsylvania Bio thanks Senator Casey, as well as the entire Pennsylvania Congressional Delegation, for their ongoing support of Pennsylvania's life sciences industry."
Just as a domestic tax policy that provides investment incentives is a critical factor in the success of the biopharmaceutical industry, an equally important factor is ensuring the availability of an educated, skilled workforce that will sustain a competitive and robust bioscience cluster over the long term. The U.S. has established itself as a leader in the life sciences through the successful collaboration between industry and institutions of higher learning, including universities, academic medical centers, medical research centers, and others. The U.S. must continue to encourage this collaboratio
|SOURCE The Life Sciences Investment Act Coalition|
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