U.S. Sen. Jacky Rosen (D-Nev.) has introduced legislation to help nonprofit drug companies compete in the market with their for-profit counterparts.
Rosen’s bill S. 2257, the Expanding Access to Affordable Prescription Drugs and Medical Devices Act, would make it simpler for nonprofit manufacturers to obtain tax-exempt status from the Internal Revenue Service. It would also create a low-interest loan program and a federal cooperative agreement funding program (the latter, a type of grant program in which the federal awarding agency collaborates with the grantee on the project). The loans could be up to $5 million per borrower. The grants would support bringing an eligible drug or medical device to market within five years.
U.S. Sen. Jacky Rosen (D-Nev.) has introduced legislation to help nonprofit drug companies compete in the market with their for-profit counterparts.
Rosen’s bill S. 2257, the Expanding Access to Affordable Prescription Drugs and Medical Devices Act, would make it simpler for nonprofit manufacturers to obtain tax-exempt status from the Internal Revenue Service. It would also create a low-interest loan program and a federal cooperative agreement funding program (the latter, a type of grant program in which the federal awarding agency collaborates with the grantee on the project). The loans could be up to $5 million per borrower. The grants would support bringing an eligible drug or medical device to market within five years.
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