Ehrlich on Washington column, July 16, 2001

NEWS FROM Robert L. Ehrlich, Jr. Second Congressional District of Maryland 1 407 York Road, Suite 304 Lutherville, Maryland 21093 3 1 5 Cannon House Office Building Washington, D.C. 20515 EHRLICH ON WASHINGTON Week of June 1 6, 200 1 By Congressman Robert L. Ehrlich, Jr. Revised The Benefits of Biotechnology Imagine, years from now, scientists announce the discovery of a breathtaking medical treatment to a seemingly intractable disease, such as multiple sclerosis; that the medicines which once seemed only a dream would be medical reality for millions of afflicted Americans. Thanks to the world of biotechnology, the prospects for such an announcement have entered the realm of the possible. Biotechnology has brought science to the cusp of breakthroughs in medical treatment for scores of debilitating diseases. Fortunately, the biotech companies and medical schools which spearhead these advances are in our own backyard. In fact, there are over 250 biotech companies in Maryland. Just a few years ago, companies in Maryland like Human Genome Sciences helped complete the sequencing of the human genome. Simply put, scientists had created a vast map detailing the genetic building blocks of life. This historic achievement changed the way we look at ourselves and will help us determine which genes in our body lead to diseases such as multiple sclerosis and downs syndrome. Biotechnology companies and universities worldwide now use this treasure trove of genetic information to discover new treatments and cures. As Co-Chairman of the Congressional Biotechnology Caucus, I understand that the industry will thrive if government plays a supportive role. Many of Maryland’s biotech companies are small businesses that possess more creativity than capital. Accordingly, I support two proposals which give the biotechnology industry the freedom to reach its full potential. First, I support making permanent the federal Research & Development (R & D) tax credit, which matches up to 20 percent of a company’s investment in research, so they may invest in medical research they could not otherwise afford. Research and development are the cornerstones of technological innovation and are critical to developing the medical treatments that will benefit future generations around the globe. With so many biotechnology companies in Maryland, this tax credit also translates into more high paying jobs and economic expansion for our state.