Biotechnology

Generally, when one thinks of a successful grant application, the first concept that may come to mind is “innovative research or technology”. What some may not know is that the grant application process may actually be more of a “who-you-know” game.

According to G2G Consulting, a firm that links organizations with government opportunities, while innovation is important, the key to a successful federal grant application (and future applications) is to develop a relationship with the specific...

One of the most common surgeries affecting our aging population is the hip replacement. However, from reading the news lately it seems like a risky fix for someone’s aches and pains. Especially when it comes to all-metal hips. Over the past year the FDA has had over 5,000 complaints related to all-metal hip replacements, the devices have a 12 to 13% failure rate, and corporations selling these devices have been issuing voluntary recalls and experienced lawsuits. 

Part of the problem may stem...

The Ohio Technology Transfer Organization (“OTTO”) has been around for a while. It assists in moving research from the research institution to the market place. Since its inception, over 900 Ohio companies have utilized this resource. The basic idea of the technology transfer office is to assist researchers in finding a home for their ideas and businesses with solutions to technical problems or new product development. These offices also may provide physical space and have access to venture...

Once in a while, a topic comes along that allows legislators to unite, even across partisan lines. The attempt to repeal the Medical Device Tax seems to be one example of this phenomenon.

The Medical Device Tax was enacted as part of Obama’s Patient Protection and Affordable Care Act in March of 2010, in theory, as a way to help offset the cost of the overall reform. However, there is concern that the 2.3% tax on medical device companies will instead have very different results. There are fears...

The Medical Device Tax was enacted as part of the Patient Protection and Affordable Care Act as a way to help offset the cost of the overall bill. Originally, medical device manufacturers and importers with sales over $5 million would have paid a non-deductible annual fee. After several amendments, medical device manufacturers will now pay a 2.3% excise tax, which will be deductible, on sales of taxable medical devices starting in 2013.

What qualifies as a taxable medical device?

Currently, a...

The research credit, often referred to as the R&D credit, that has been available to taxpayers since 1981 has recently been extended two years to December 31, 2011.  While this extension is beneficial for the interim, many associations and organizations have been pushing for a permanent research credit to be enacted. 

The research credit (in its basic form) allows taxpayers a 20% credit for qualified research expenses that exceeds their base amount.  The base amount is calculated by taking...

The IRS granted around $15 million to 62 Ohio biomedical companies for qualified Therapeutic Discovery Projects that take place during 2009 and 2010. 

The Patient Protection and Affordable Care Act  enacted in March 2010 allowed for $1 billion dollars in tax credits or grants (for not yet profitable companies) for companies with projects that show potential to:

·          Result in new therapies to treat areas of unmet medical need or prevent, detect or treat chronic or acute diseases and...

Funding for biomedical projects, like jobs, is tough to find in a down economy, but the federal government is an often untapped resource. In FY08 and FY09, Congress directed over $150 million dollars for medical research on various topics from prevention of combat-induced injuries to physiological health to cancer. In FY10, Congress has earmarked millions of dollars for various research topics, with breast cancer ($300 million) and prostate cancer ($160 million) as the highest funded....

You've heard about it on the radio; you've read about it in various newspapers.  The Issue 1 bond renewal, which funds the Ohio Third Frontier (OTF) program, will be on the state-wide ballot on May 4.  Some facts and figures since OTF's inception in 2002:

• 570 new companies created
• Over 300 projects state-wide
• 48,000 direct and indirect jobs created; goal of 96,000 jobs over the OTF period
• Estimated $6.6 billion in economic impact
• $2.4 billion in wages and benefits to Ohioans
• Over 65% increase in...