Weekly Policy Update: PASTEUR Act, COVID-19 Intellectual Property, and June Economic Forecast
By: Colorado BioScience Association Date: 06/21/2021
CBSA Applauds Senator Bennet for Legislation to Ensure Patient Access to Leading-Edge Diagnostics
Last week Senator Michael Bennet introduced new bipartisan legislation in the U.S. Senate that would support development of innovative antibiotics to treat resistant infections and improve appropriate antibiotic use.
The Colorado BioScience Association applauds Senator Bennet’s leadership on the PASTEUR Act. CBSA appreciates Senator Bennet’s efforts to create new incentives for investment in this space. The proposed legislation will strengthen the development pipeline for antimicrobial products and accelerate the breakthrough work of Colorado companies focused on drug-resistant infections.
Senator Michael Bennet expressed his support of the PASTEUR Act:
“After witnessing the COVID-19 pandemic, it has never been more clear that we need to invest in research to prepare for the next public health crisis. Infectious disease experts are already sounding alarms, and they need resources to prepare for the threat that antimicrobial resistance infections pose. With our bipartisan PASTEUR Act, we have the chance to not only learn from the mistakes we have made up to this point, but to invest in tools to better prepare for the future.”
Thank you to Senator Bennet for the continued commitment to the Colorado life sciences ecosystem. For more information about the PASTEUR Act, visit Senator Bennet’s website.
CBSA Urges U.S. Senators to Protect COVID-19 Intellectual Property
CBSA is strongly encouraging U.S. Senators Michael Bennet and John Hickenlooper to speak out against the patent waiver for COVID-19 vaccines.
The Trade-Relations Aspects of Intellectual Property Rights (TRIPS) waiver for COVID-19 vaccines and related products will take a year to have any impact on global supply while doing nothing to stop the emergence of dangerous new COVID variants.
In a special opinion piece published in the Colorado Sun, we emphasize how intellectual property protections are essential to the technology transfer process in life sciences that leads from lab invention to life-saving commercial product.
Jennifer Jones Paton, president and CEO of Colorado BioScience Association, said:
“Scientists and researchers have worked around the clock to save lives and end the pandemic. It’s critical to protect the intellectual property they developed to protect all of us from COVID-19.”
Colorado BioScience Association advocates for a supportive, pro-innovation business climate for life sciences. We support proposals to strengthen the ability of patent owners to defend their inventions and businesses against infringement.
CBSA is proud to lead Policy + Advocacy efforts for Colorado’s life sciences community.
State Releases June Economic & Revenue Forecast
Last week the Joint Budget Committee heard the June Economic & Revenue Forecast. The economic outlook shows that the economy continues to recover. Colorado has regained many of the jobs which were lost during the COVID-19 pandemic.
The revenue outlook shows that general fund revenue exceeded expectations in fiscal year 2020-21. That means that future years must be adjusted upward and puts the revenue subject to TABOR over the Referendum C cap. For 2020-21, revenue above the Ref C cap is $551.4 million, and it rises to $658.2 million in 2021-22, and $908.5 million in 2022-23.
Compared to the March forecast, the revenue increased $1.6 billion from stronger than expected 2020 income taxes and stimulus spending. With the TABOR set-aside for the refund to be returned next year, the revenue in excess of the required reserve actually went down. That means that the beginning balance for the 2021-22 will begin $338.8 million lower from changes in 2020-21. This means less money to spend in the future.