WASHINGTON--(BUSINESS WIRE)--The Domestic Research Enhancement Act of 2017 (H.R. 1234), which modernizes the research and development tax credit to recognize the essential role contract research now plays in the development of new pharmaceuticals, biologics and medical devices, has been introduced by Rep. Pat Meehan (R-PA) and co-sponsors Rep. George Holding (R-NC) and G.K. Butterfield (D-NC).
“The life sciences industry is a very important economic driver in both Pennsylvania and North Carolina and contract clinical research organizations are a major contributor with ACRO members employing more than 20,000 research staff in these two states,” said ACRO Chairman John Hubbard, PhD, President and CEO of Bioclinica, headquartered in Doylestown, PA. “We commend Reps. Meehan, Holding and Butterfield for introducing legislation that promotes good jobs and domestic innovation.”
The legislation would enable firms conducting contract research across industries to claim a portion of the Research & Development Tax Credit that is now abandoned when a research sponsor, seeking greater efficiency, employs a contract research organization.
“In many ways, North Carolina was the birthplace of the CRO industry,” said Cynthia Verst, President of Clinical Operations at QuintilesIMS and an ACRO Board member. “QuintilesIMS is extremely proud of the positive impact CROs have in the state and the 100+ countries where we conduct operations.”
Other ACRO members headquartered in North Carolina include: PPD (Wilmington); INC Research (Raleigh); and PRA Health Sciences (Raleigh). Additionally, LabCorp, the parent company of ACRO member Covance Drug Development, is headquartered in Burlington and Chiltern maintains its U.S. headquarters in Wilmington.
The Association of Clinical Research Organizations (ACRO) represents companies that provide a variety of specialized services that support the development of new pharmaceuticals, biologics, and medical devices. Through its member companies, ACRO helps improve the quality, efficiency and safety of biomedical research. ACRO member companies employ more than 130,000 professionals worldwide and conduct research in more than 100 countries. For more information, please visit www.acrohealth.org. Twitter @acrohealth. YouTube @ACROHealthChannel. Facebook. LinkedIn.