Boosting US Drug & Medical Device Production: Tax Credits & Supply Security
This act aims to increase the domestic production of drugs, pharmaceutical ingredients, and medical devices in the United States. It introduces tax credits for companies manufacturing these goods in economically distressed areas, potentially creating jobs and improving the availability of critical medical products. The goal is to reduce reliance on imports and ensure more stable supplies during crises.
Key points
Companies producing drugs, pharmaceutical ingredients, diagnostic devices, and personal protective equipment in the US can receive tax credits, especially if operating in high-poverty areas.
The act seeks to mitigate drug and medical device shortages by incentivizing domestic manufacturing.
It establishes a program to support the development and use of advanced manufacturing technologies for drugs, potentially accelerating innovative product launches.
Enhances transparency and coordination in drug manufacturing inspections, aiming to improve product safety and quality.
Expired
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