The equivalent may happen in Washington, where Xconomy reports that the state will likely gut its 10-year, $350 million Life Science Discovery Fund. The fund usually gets about $65 million in the two-year allocation, but a Senate committee slashes that budget by 41 percent – down to $38 million. A House version leaves it just $5 million, using the rest to fill other holes in the state budget.
The state fund has delivered millions to researchers involved in vaccine research, cardiac care, drug delivery and other life-science technologies. “But it canâ€™t claim to have discovered the next penicillin, and even in the best of times it would take years to show payoffs in new products, jobs, and regional prestige that such a program might be able to use to defend itself,” Xconomy notes.
Mental note to Midwest biotech recruiters: schedule trips to Washington.
Other stories worth a read:
- Psilos Seeks $450 Million Health Care Fund, Defying Crunch (Bloomberg)
- China faces $1.5bn software bill on healthcare, says IBM (Financial Times)
- Don’t forget about adult stem cells (Financial Times)
- Mercy Hospital plan for Ohio hospital hits a bump (Cincinnati Enquirer)
- Secular attack on NHS chaplaincy ‘simplistic’, says Unite (PR Newswire)