[Congressional Record Volume 145, Number 96 (Thursday, July 1, 1999)]
[Senate]
[Pages S8159-S8160]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




         SUPPORTING S. 1010--THE MEDICAL INNOVATION TAX CREDIT

 Mr. ABRAHAM. Mr. President, today I would like to give my 
support to the Medical Innovation Tax Credit Act,

[[Page S8160]]

sponsored by my good friend, Senator Jeffords.
  Our medical schools and teaching hospitals are the backbone for 
innovation in American medicine. As sites for vital human clinical 
trials, these medical institutions provide a superior training ground 
for our nation's health care professionals, functioning as centers for 
the development of innovative medical technologies, treatments and 
medicines.
  Yet, Mr. President, there has been an alarming decline in the 
utilization of these superior medical facilities for clinical trials. 
Due to changes within the health care marketplace, our medical 
facilities have come under increasing cost pressures, driving up the 
costs associated with conducting clinical trials at these facilities. 
Currently, it is more expensive for companies to perform clinical 
trials at teaching hospitals than at commercial research organizations.
  Mr. President, the Medical Innovation Tax Credit Act is integral to 
the continued success of our nation's status as a world leader in the 
development of medical advances. This legislation would enhance the 
flow of private-sector funds into our non-profit medical institutions 
by providing incentives for companies to perform more clinical trials 
at these institutions. The 20 percent medical innovation tax credit 
would help level the current cost differential and the resulting influx 
of funds would ease some of the financial pressures our medical 
institutions are experiencing.
  I urge all of my colleagues to send a strong message to our nation's 
medical institutions and health care professionals, that we will 
continue working to find ways to enhance and strengthen our valuable 
research program. To this end, it is essential that the Senate support 
the Medical Innovation Tax Credit Act.

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