August 7, 2024

The State Legislature continues to be on an unofficial break for the summer and is expected to resume its regular schedule around Labor Day.

Last week, the Federal Trade Commission (FTC) held a virtual open meeting following its release of the Commission’s Interim Report on Pharmacy Benefit Managers (PBMs). The meeting provided a venue for members of the public to address FTC Commissioners, during which individuals provided compelling and vivid accounts of the ramifications that PBM business practices have had on their lives. One parent described the loss of their son following an enormous and sudden price increase of a medication on which he had been stable. Another individual described the challenges that her daughter faced living with cystic fibrosis and having access to a critical medication jeopardized due to a change in occupation — specifically identifying co-pay accumulators as a critical issue that ought to be addressed.

BioNJ is pleased to see ongoing attention on these business practices by PBMs and will continue to advocate for the implementation of policies that will mitigate the negative impacts that they have on the ability for Patients to access the medications they need when they need them.

To watch the Commission’s Open Meeting, click here.

At the end of July, Governor Phil Murphy signed S3432, with first prime sponsors Senator Mukherji (D, LD32) and Assemblyman Tully (D, LD38), that will establish the Next New Jersey Program for artificial intelligence (AI) investments. The legislation enables the New Jersey Economic Development Authority (EDA) to provide tax credits to eligible AI businesses. Companies will be considered eligible if at least 50% of its employees are focused on AI-related activities or at least 50% of the business’ revenue is generated from AI-related activities. The tax credit allowed for a project would be equal to the lesser of the product of 0.1% of the business’total capital investment multiplied by the number of new full-time jobs, 25% of the business’ total capital investment, or $250 million.

The establishment of the program follows the launch of a partnership between the State government and Princeton University to develop an AI Hub with the goal of catalyzing innovation within the field by bringing together industry, researchers and start-ups.

BioNJ was pleased to support the movement of this legislation and looks forward to continuing to work with policymakers to support the growth of this critical emerging component of the life sciences.

The Disability Information Hub is designed to act as a one-stop shop for residents of New Jersey living with disabilities, their families, caregivers and advocates to engage with the State’s services and resources in a simplified way. Approximately 200 programs that are provided by the State’s government will be made available on the website. The Hub will have mechanisms by which specific resources are organized by specific disabilities — including information for folks living with intellectual and developmental disabilities, physical disabilities, visual impairment or blindness and auditory challenges.

To explore the Disability Information Hub, click here.

To watch a video demonstrating the Hub, click here.

After having passed the U.S. House with a bipartisan vote of 357-70 earlier this year, the Senate fell short of the votes needed to advance a legislative package that would have included a 4-year retroactive delay of R&D amortization. The obstacles to the bill evidently are unrelated to the R&D tax provision, and BioNJ will continue to advocate for the importance of fixing this issue to policymakers.

BioNJ is the voice of New Jersey’s life sciences sector in Trenton and Washington. BioNJ’s Public Policy Support Series sponsorship opportunities are now available for 2024. Help ensure BioNJ continues to deliver our message of improved Patient access and enhanced innovation through a Public Policy Support Series Sponsorship.  

Click here for more information.

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