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News Beat February 2020
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News Beat February 2020 - Life Science Washington

February 2020


You are part of a vibrant community of life science professionals. This newsletter helps keep you connected to that community and informs you of industry news, transactions, and upcoming events.


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FEDERAL MEDICAL TAX REPEALED!


After almost a decade of advocacy by Life Science Washington and our coalition partners, the final bipartisan budget package that was signed by the President on December 20th permanently repealed the 2.3% medical device tax.

The tax had undue consequences for small to mid-sized medical device companies, in part because it was based on sales and not profits. A report from the Tax Foundation showed that the "tax would result in a decline of 21,390 full-time equivalent jobs and a reduction in GDP of $1.7 billion."

This repeal has been a top priority of Life Science Washington since it was originally enacted in 2010 as part of the Affordable Care Act. Through coordinated efforts that included direct engagement by Life Science Washington with our Congressional delegation, matched by our national partners AdvaMed, MDMA and MITA, advocated for by local companies we were able to get a full repeal included in the final 2020 federal spending package!

In response to the repeal, Richard Fabian, President & CEO, FUJIFILM SonoSite, Inc. says, "I am excited that we can move beyond discussing the implications of this tax on the medical device industry. Now we can focus on strategic policy issues that will help make a real difference in healthcare - topics such as improving patient outcomes, improving access to care, and making care pathways more efficient for patients and clinicians. Addressing these topics will help improve the healthcare system here in Washington and across our nation. I would like to recognize and thank our Washington State representatives in the House and Senate who supported this very positive outcome that will clear a pathway for even more innovation from our industry in the future."

This win is a reminder that big public policy changes often take years to achieve, but it also shows what can be accomplished when we all work together to advocate for a clear, consistent policy change year after year.

WHAT'S NEXT?


Rep. Suzan DelBene (WA-01) introduces bipartisan legislation ensuring patient access to breakthrough medical products

Congresswoman Suzan DelBene reintroduced Ensuring Patient Access to Critical Breakthrough Products Act of 2019 (H.R. 5333). This bill would guarantee Medicare beneficiaries access to cutting-edge medical innovation by streamlining the coverage determination process and improving the availability of breakthrough devices for patients.

"This hurry-up-and-wait situation makes no sense. Seniors shouldn't have to wait unnecessarily to access medical products that can change or even save their lives", said Rep. DelBene. "Guaranteeing coverage of breakthrough technologies and opening the door to coverage of new digital-based products encourages investment in the industry, facilitating innovation and future advancements."

LOCAL OPPORTUNITY & GROWTH FOR THE MEDICAL DEVICE INDUSTRY


Lake Washington Tech Biomedical Device Program

Last year, the Washington state legislature passed one of the country’s most comprehensive tuition assistance programs, which dramatically increases the financial aid available to students for college and workforce training programs including the Lake Washington Institute of Technology, Biomedical Assembler program.

Learn more about how to gain tuition assistance to get into the Biomedical Assembler certificate program.




Congresswoman Suzan DelBene - Luncheon Keynote - LSINW 2020



WELCOME NEW LIFE SCIENCE WASHINGTON MEMBER COMPANIES!

• Hamilton Company • RIBOZ LLC • Sonoma Biotherapeutics • Phaidra, Inc. •

• JPMorgan Chase & Co. • Bestworth • Prescryptive Health Inc. •

• Chinook Therapeutics • Emmes Company LLC •




Science On Tap

SCIENCE ON TAP


February 20, 2020 | 5 - 7 PM | Optimism Brewing


Come sip a delicious beer (or two) with us on Capitol Hill and enter to win a prize - including a pass to our annual Life Science Innovation Northwest conference. It’s a great time to join your life science colleagues and enjoy some of our state’s best beer.
Jeremy Sosman, CFO (Chief Fermentation Officer in charge of the lab), will join us for a discussion on the science of beer and lead us on a tour of their brewing lab.





Life Science Innovation Northwest 2020

REGISTRATION OPEN!

LIFE SCIENCE INNOVATION NORTHWEST - April 7 - 8, 2020


SIGN UP TODAY AND SAVE WITH EARLY BIRD PRICING






INDUSTRY NETWORKING NIGHT


March 12, 2020 | 5 - 7 PM | Life Science Washington


Join Life Science Washington for our life science industry social event in March! Expand your professional, social and community contacts at this FREE event as we bring together our vibrant community of life science professionals. Beer, wine and light snacks available. This event is open to both Life Science Washington members and non-members.





December Washington State Investment Activity

WASHINGTON STATE INVESTMENT ACTIVITY

A monthly report summarizing transactions and trends in Washington state. This report includes a continually updated list of angel funding, VC deals, M&A Activity and strategic partnership formations.







more Calendar

2/25/2020 » 2/27/2020
Workshop: Ensuring supply chain flexibility and viability for biologics

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