WAYNE, PA - Earlier this week, Congressman-Elect Pat Meehan (R-PA/7) met with members of Pennsylvania Bio, a consortium of Pennsylvania's bioscience firms. Pennsylvania Bio represents over 1,800 bioscience establishments employing over 80,000 people and is dedicated to ensuring that Pennsylvania remains a global leader in bioscience and medical technology. 

In attendance at the meeting was Chris Molineaux, President of Pennsylvania Bio, and representatives from some of the Philadelphia area's largest bioscience firms.

Meehan discussed policies that would help start-ups in the bioscience industry acquire the necessary capital to survive their first few years.

"Many small biomedical firms are started by entrepreneurs with incredible drive and dedication to their businesses, but they are unable to survive the so-called 'Valley of Death' - the first few years of a firm's life in which it struggles to stay afloat," said Meehan. "Biomedical products are capital-intensive and usually take a long time to receive regulatory approval for their sale. These small firms need help funding the initial stages of their products as they work to bring them to market."

Another issue discussed in detail was the ability of American companies to repatriate profits earned overseas. Under current law, American firms face a tax penalty if they attempt to use profits earned overseas to invest here in America.

"The current tax structure incentivizes companies to keep profits overseas instead of using that capital to invest and create jobs here at home," said Meehan. "By allowing companies in the biomedical field to repatriate some of their overseas profits without incurring a tax penalty, these firms can use these funds for research and development, job creation and capital expenditures that would put money directly into the American economy."

"The bioscience industry plays a critical role in Pennsylvania's economy, and I thank Pennsylvania Bio for giving me the opportunity to discuss polices which will foster the industry's growth," Meehan concluded.