Many an executive of the state’s life sciences sector hasn’t had much good to say about the federal Patient Protection and Affordable Care Act of 2010—a.k.a. health care reform.
It might as well have been a cussword during a panel discussion at BioCrossroads’ annual meeting this month. For instance, the law assesses pharmaceutical makers $2.3 billion annually and medical-device makers $2 billion a year to help pay for reform.
But a handful of upstart life sciences firms in Indiana aren’t complaining, as they’ll split an aggregate $1.7 million through the Therapeutic Discovery Project Credit, a little-known part of the health care program to help prevent, diagnose and treat chronic illnesses.
Receiving notices of funding are at least five firms who’ve previously landed funding from BioCrossroads’ $6 million Indiana Seed Fund: Agene Bio, CS-Keys, FAST Diagnostics, Pericardial Access and Sonarmed.
“They’re all over $100,000. It’s a significant amount for each of those startup companies,” said Lori Leroy, spokeswoman for public-private life sciences initiative BioCrossroads.
The federal credits will add “some very timely fuel to some of our most important development efforts,” BioCrossroads’ president, David Johnson, said in a statement.
“It’s also interesting confirmation, from a credible if somewhat unusual source, that our Indiana Seed Fund is a good judge of breakthrough innovation when it comes to startups.”