US Representatives Bobby L. Rush (D-Ill.) And Brian Fitzpatrick (R-Pa.) Unveiled the Long Term Funding Opportunities for New Studies (LOANS) for the Biomedical Research Act (HR 3437), a new bipartisan piece of legislation that is to fund critical research into treatments and cures for diseases such as Alzheimer’s, cancer, blindness, juvenile diabetes, and sickle cell anemia. The bill would approve a federal government-sponsored clinical trial loan program, approved by the Food and Drug Administration (FDA), that would focus on finding much-needed treatments and cures.
“The accelerated development of COVID-19 vaccines over the past year has shown that significant investments in medical research and development can accelerate drug and treatment development. Millions of Americans with cancer, Alzheimer’s disease, and other terrible diseases cannot afford to wait for vital treatments and cures while clinical trials are suspended. “ said Rush. “We must use every highway to resume biomedical research in the US and ensure that the clinical trials needed to bring basic research to the bedside receive the funds much needed.”
“More resources are needed for critical research, treatment and cure for deadly diseases.” said Rep. Fitzpatrick. “We must do all we can to fight for patients, survivors and those affected by abandoned clinical trials during the COVID-19 pandemic, and provide a unique funding mechanism to restart the blocked biomedical research in the US . “
The COVID-19 pandemic disrupted clinical trials significantly and had a negative impact on patients entering or waiting for clinical trials for deadly and debilitating diseases. Recent research shows that more than 1,000 clinical trials continue to be suspended as funds and other resources continue to be deployed to combat the ongoing pandemic.
The Biomedical Research Loans Act would fill these funding gaps, with no additional deficit spending and at minimal cost to taxpayers, by creating a new asset class called BioBonds – financial instruments consisting of loans to qualifying biomedical companies and universities that are FDA approved for Clinical studies have received advancement of novel treatments and remedies. Since borrowers must be able to repay these loan extensions regardless of project success, investors in BioBonds are more likely to be those with long-term, risky capital such as pension funds and insurers, rather than venture capitalists or pharmaceutical companies. The legislation would help resume stalled biomedical research in the US and alleviate the persistent lack of funding for critical research into diseases that affect millions.
The legislation is supported by US representatives Sanford Bishop (D-Ala.), Andre Carson (D-Ind.), Steve Cohen (D-Tenn.), Jim Cooper (D-Tenn.) And Danny K. Davis (D -) supported. Ill.), Raul M. Grijalva (D-Ariz.), Mike Levin (D-Calif.), Brad Schneider (D-Ill.), Terri Sewell (D-Ala.) And Bennie G. Thompson (D-Al .) Young lady.).
Edited by Gary Cramer