The Arizona Health Innovation Trust Fund (AHIT) was established in 2022 to develop workforce programs; support small health innovation businesses; and provide other financial support that will drive growth in Arizona’s life science sector. On February 23, 2023, SB1084 was amended to appropriate $50 million in funding for AHIT in Arizona’s FY24 budget and declares that the Legislature intends that the Fund steadily grows to maintain a permanent endowment balance of at least $200 million. The amended bill received a Do Pass as Amended recommendation. SB1084 now moves to consideration by the Senate Rules Committee.Continue reading
Category Archives: Advocacy and Regulations
Updates to Arizona’s R and D Tax Credits Under Consideration at Arizona Legislature
On February 23,2023, the Arizona Senate Appropriations gave a Do Pass Recommendation to SB1562 which updates and expands Arizona’s R&D Tax Credit program.Continue reading
Game Changer: The Arizona Health Innovation Trust Fund
Established in 2022, the Arizona Health Innovation Trust Fund (AHIT) is designed to help Arizona become home to a top-ten life science sector by helping to bridge the “valley of death.” During the 2023 legislative session, our elected leaders have the opportunity to make the investment that will capitalize the AHIT. Continue reading
Arizona’s Opportunity to Drive Health Innovation Forward Faster
In 2022, Arizona established the Arizona Health Innovation Trust Fund as a vehicle to drive the creation of health innovations that can improve quality of life for people of Arizona and increase opportunities for the high quality jobs Arizona Health Innovators create. The FY2023 appropriation was $100,000 to allow the initial set up of the fund. In 2023, two bills at the Arizona Legislature (HB2253 and SB1084) propose a $200 million dollar one-time investment into the Arizona Health Innovation Trust Fund.Continue reading
Arizona Legislative Leaders Discuss The Road Ahead
In 2023, Arizona will welcome a new governor and a new legislature. Watch the video for insights shared by Arizona’s incoming Senate President Pro Tem and incoming House Democratic Leader as they discuss the road ahead.
Recorded at the AZBio Trailblazers Luncheon on December 15, 2022. Continue reading
The IRA is now law. What comes next?
AZBio President & CEO, Joan Koerber-Walker provides a brief overview of the provision of the Inflation Reduction act of 2022 (The IRA) from the patient and health innovation perspective and is then joined by health innovator and drug developer, Dr. Steven J. Potts, for a discussion of the potential unintended consequences of some provisions of The IRA relating to the future health innovation landscape.Continue reading
Industry Leaders Weigh In on the Inflation Reduction Act
On Sunday, August 7, 2022, the United States Senate passed the Inflation Reduction Act of 2022 in a party line vote with Vice President Kamala Harris casting the tie breaking vote. The legislation now moves back to the House of Representatives. Speaker Pelosi stated, “The House will return and move swiftly to send this bill to the President’s desk ….”
The 755 page legislation will continue to garner significant public debate and analysis in the coming days.
BIO Statement on CMS National Coverage Determination for Drugs Used to Treat Patients Suffering from Alzheimer’s Disease
On April 7, 2022, the Centers for Medicare & Medicaid Services (CMS) released a national policy for coverage of aducanumab (brand name Aduhelm™) and any future monoclonal antibodies directed against amyloid approved by the FDA with an indication for use in treating Alzheimer’s disease. In its official statement, the Biotechnology Innovation Organization (BIO) shares why the CMS Decision is an enormous setback for Alzheimer’s patients and a dangerous infringement on FDA’s Scientific Autonomy.
Get Engaged In the SBIR STTR Reauthorization Discussion
The SBIR/STTR Programs are currently set to expire on September 30, 2022. It would be damaging to American innovation and competitiveness if these programs were to expire before a full reauthorization can be passed. The SBIR/STTR Programs enable small businesses to develop and commercialize new innovative technologies and have a proven track record of promoting competition through a merit-based application process. Since their establishment in 1982, these programs have provided over 179,000 awards, totaling more than $54.3 billion, to U.S. small businesses. A study by the National Academy of Sciences found a commercialization rate of 50-60% for SBIR/STTR investments. You can see the impact of SBIR/STTR in Arizona by clicking here.