WASHINGTON--(BUSINESS WIRE)--The Association of Clinical Research Organizations (ACRO) released the following statement in support of the bi-partisan COMPETE Act of 2015 (S. 537) introduced yesterday by Senators Tom Carper (D-DE) and Patrick Toomey (R-PA):
“We thank Senators Carper and Toomey for their thoughtful approach to modernizing Federal tax policy to encourage domestic research and development. The COMPETE Act will expand, simplify and make permanent the federal R&D tax credit. Importantly for ACRO members, the bill recognizes and rewards the increasingly important role contract research plays in developing innovative treatments and therapies.
“Senator Carper has been a long-time advocate for serious R&D tax credit modernization and we greatly appreciate his continued support. We especially welcome Senator Toomey’s co-sponsorship of this legislation. Pennsylvania is a key state for the contract clinical research industry with two of our members maintaining global headquarters in the state and another its U.S. headquarters. Our members count more than 4,000 employees in the state and, by some estimates, Pennsylvania leads the nation in total life sciences industry employment. We look forward to similar legislation being introduced in the House.”
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. The Association provides an active voice for the CRO industry globally. Through its member companies, ACRO helps improve the quality, efficiency and safety of biomedical research. ACRO member companies employ more than 110,000 professionals worldwide, conduct research in 142 countries and contribute to the development of approximately 95% percent of all new drugs and biologics approved globally. For more information, please visit www.acrohealth.org. Twitter @acrohealth. YouTube @ACROHealthChannel. Facebook. RebelMouse.