WASHINGTON - Today Rep. Nancy Pelosi (D-CA) introduced the Vaccines for the New Millennium Act, designed to accelerate development of vaccines for the world’s most deadly infectious diseases by providing incentives to private sector biotech and pharmaceutical companies.
“Every year, tuberculosis, malaria, and HIV/AIDS kill over 7 million people. Preventative vaccines are our best hope to bring these epidemics under control. Congress must act to address the severe economic and scientific disincentives which block major private sector investment in vaccines.
“The Vaccines for the New Millennium Act would leverage private sector resources and encourage the market to work more effectively to meet this challenge. Specifically, it would provide a 30% tax credit on qualified research and development expenditures on vaccines and microbicides for malaria, TB and HIV. There are also incentives in the bill to encourage research at smaller biotech companies that do innovative research but are often unable to use a tax credit because they are not yet making a profit.
“In order to ensure access to vaccines for the developing world, the legislation would also provide a tax credit on sales of vaccines for TB, malaria and HIV/AIDS. Vaccine makers would receive a 100% credit on the value of their vaccine sales to qualified international health organizations, thus encouraging the private sector to maximize access to vaccines in developing countries,” Pelosi said.
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