Fostering Innovation
Dear Friend,
America’s economy is on the rebound, and in large part due to the strength of innovative emerging industries, including cutting-edge health sciences such as biotechnology.
For over a decade, I have worked on bipartisan public-private policy solutions to grow the biotech sector, and I am proud that Pennsylvania is now one of the top 10 “biotech states” in the nation and is on the frontlines of innovation and cutting-edge research and development.
In Pennsylvania, biotechnology is transforming the field of medicine through life-saving cures and groundbreaking new and improved medicines and technologies. This growing industry is pumping $6.7 billion into the local economy, and is responsible for one out of every six jobs in Philadelphia alone.
This week I was honored to be recognized by the Biotechnology Industry Organization (BIO) as the “Legislator of the Year” and the Healthcare Leadership Council (HLC) as their “Champion of Healthcare Innovation” for my work.
BIO is the world's largest biotechnology organization and each year they give 6 awards to federal lawmakers. This year, I was the only Democratic member of the House of Representatives to receive this honor. HLC is a coalition of chief executives from hospitals, pharmaceutical companies, medical device manufacturers, biotech firms, pharmacies, and academic health centers who advocate for a quality-driven healthcare system that fosters innovation.
Schwartz’s Economic Leadership:
- Therapeutic Tax Credit – a targeted tax incentive I successfully championed that is enabling more than 3,000 small biotech companies to advance cutting edge research, bring new devices and therapies to the market, and employ high-skilled, high-wage workers. I have introduced bipartisan legislation to expand this tax credit.
- Life Sciences Jobs and Investment Act – bipartisan legislation I introduced to provide tax incentives for small and mid-sized businesses to invest in life sciences research and development on a targeted basis. This would mean hiring more scientists and researchers, allowing more time and support for universities to engage in research and development, and investing in new laboratory and life science research facilities and equipment.
We have a responsibility to ensure that we grow our economy now and in the future, and I will keep working to strengthen new industries. For more on my work in Congress on economic issues, please visit my website.
Sincerely,
Allyson Y. Schwartz
Member of Congress