WASHINGTON – U.S. Senator Chris Coons (D-Del.) participated in a roundtable discussion of ideas for strengthening the biotechnology-manufacturing sector on Wednesday. The meeting was hosted by the
Senate Manufacturing Caucus, of which Senator Coons is a member, and featured leaders from ten companies and organizations that specialize in biotechnologies, including the president of Delaware Bio, Bob Dayton.
“This event is important to me because I believe innovation is the lifeblood of our economy,” Senator Coons said. “It drives productivity, creates new products and improves others to make our country more competitive. Biotech companies are some of our most innovative companies and their success is critical to our country’s success. They are especially important in Delaware, which is home to a number of cutting-edge biotech companies with great potential for job growth.”
The hour-long discussion focused on improving startups’ access to capital, opening new international markets, and legislation to reauthorize the Small Business Innovation Research and Small Business Technology Transfer programs.
Senator Coons also discussed three pieces of legislation he has introduced that would help the biotechnology-manufacturing sector grow and create jobs.
The Senator also talked about the Research and Development Tax Credit, which has helped tens of thousands of successful companies create jobs by incentivizing investment in innovation. “The problem is,” Senator Coons offered, “is that only well-established companies can benefit. We need to help innovative startups gain access to the R&D credit, as well. The highly innovative ‘gazelle’ companies with the potential to move from five employees to 50 to 500 or 5,000 – will continue to fuel our recovery, so it is essential that we support them early on, with a tailored research credit to help high-growth startup firms unlock critical capital.”
Senator Coons’ idea for tackling that challenge was part of the Startup Act 2.0 this week, and will be introduced on its own later this spring.
Senators Debbie Stabenow (D-Mich.) and Bob Menendez (D-N.J.) also participated in the discussion.
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