Considering that the federal government funds nearly one-third of all research and development in the U.S., any reduction in funding would hurt. One of the biggest losers of sequestration has been government-backed life science research. A group of industry leaders representing research institutions, including the University City Science Center CEO Stephen Tang, appeared at a hearing by the Senate Committee for Commerce Science and Transportation on renewing the America Competes Act. They offered up their take on what’s at stake, the impact and what can be done.
After the weighty but polarizing budget debates that led to a government shutdown, it was refreshing to hear a Senate Committee debate (pleasantly no less) the pros and cons of funding life science innovation since sequestration limited the flow of funding.
The Philadelphia-based University City Science Center bridges a gap between the region’s academic institutions and technology and life science companies. Tang pointed out in his testimony that companies serve a critical role in validating the technology coming out of universities. Among the recommendations it submitted to the committee:
BioLabs Pegasus Park Cultivates Life Science Ecosystem
Gabby Everett, the site director for BioLabs Pegasus Park, offered a tour of the space and shared some examples of why early-stage life science companies should choose North Texas.
- An increase in the allocation of existing federal funding for translational research, commercialization and tech transfer by universities and companies, as a critical, and logical, complement to the nation’s historic emphasis on basic research.
- An expansion of the ability of non-degree-granting academic institutions, like the Science Center, to apply for and secure federal grants from the National Science Foundation and other agencies.
- It backs proposals like the TRANSFER Act — HR 2981 — a bill that would offer grants of up to $50,000 to facilitate the transfer of ideas from academic settings to the business realm. The $50,000 would theoretically give companies enough to produce prototypes, do market research and investigate commercial opportunities, according to bill co-sponsor Rep Richard Hanna (R-NY). The money would come from existing federal budget funds set aside for research grants. The funding could be used for proof-of-concept activities that validate the commercial potential of early-stage research, Tang said.
Tang said sequestration has caused many universities to reconsider their overall commitment to younger faculty members. Given that most of its shareholders represent Philadelphia area universities, it’s well-positioned to see the effects firsthand.
Using Informed Awareness to Transform Care Coordination and Improve the Clinical and Patient Experience
This eBook, in collaboration with Care Logistics, details how hospitals and health systems can facilitate more effective decision-making by operationalizing elevated awareness.
In response to questions from senators, Tang said companies are in a better position to facilitate commercialization:
“The great inventions coming into the industry require market validation not peer review…. Often within universities there isn’t great communication or collaboration so we serve an important role.”
