WASHINGTON -- (BUSINESS WIRE) -- The Association of Clinical Research Organizations (ACRO) released the following statement in support of the COMPETE Act of 2014 introduced today by Senator Tom Carper (D-DE):
“The COMPETE Act is aptly named as it will help make the United States more globally competitive in research and development, especially in the biomedical research field. This thoughtful piece of legislation will expand, simplify and make permanent the federal R&D tax credit, and recognizes the increasingly important role contract research plays in medical innovation. We thank Senator Carper for his foresight and diligence in championing long-awaited R&D reform.
“Several other governments, including the United Kingdom, France, Canada and Austria reward contract research with a generous R&D credit. For contract research organizations, ACRO members included, the COMPETE Act will level the playing field and provide an incentive to locate well-paying clinical research jobs right here in the U.S.
“This legislative change could not come at a better time for medical product development. As noted in a recent Battelle/BIO report, the fastest growing sector of biosciences employment has been in the research, testing and medical labs category ‘as outsourcing of research grows and shifts bioscience industry employment to contract research activities.’ The report also notes that these research, testing and medical labs jobs pay, on average, $91,248.”
The Association of Clinical Research Organizations (ACRO) represents companies that provide a variety of specialized services that support the development of new pharmaceuticals, biologics and medical devices. The association provides an active voice for the CRO industry globally. Through its member companies, ACRO helps improve the quality, efficiency and safety of biomedical research. ACRO member companies employ approximately 100,000 professionals worldwide and annually conduct more than 11,000 clinical trials involving nearly two million participants in 115 countries. For more information, please visit www.acrohealth.org. Twitter @acrohealth. YouTube @ACROHealthChannel. Facebook. RebelMouse.