Several Assembly committees have agendas set for September 15, including Financial Institutions and Insurance (AFI) and Health (AHE). Both Committees will be meeting at 10:00 AM. The Assembly Appropriations (AAP) Committee is not scheduled to meet. As a result, we expect that AAP — to which most of the prescription drug legislative package is currently referred — will likely meet on either September 29 or October 13. BioNJ will share schedule updates and changes.

While the prescription drug legislation is not posted on any agenda for the September 15, there are a few bills being heard that are worth noting:

A1255 (Stanley, Conaway, Benson) - "Ensuring Transparency in Prior Authorization Act." This bill was amended by, and moved through, Assembly Health before the summer and will be heard on the 15th in Assembly Financial Institutions and Insurance at 10:00 AM. Among a variety of provisions, the bill would impose more stringent requirements on disclosures associated with prior authorization and the processes by which utilization review entities operate. It would also prohibit utilization review entities from requiring that health care providers participate in step therapy if the provider deems that the protocol is not in the best interest of a covered person. Currently, the bill is anticipated to be amended to address technical language issues that potentially conflict with existing statutes. BioNJ is supportive of this bill as it will improve Patient access.

A4341 (Freiman) - Modernizes business filing statutes to include entity conversion and domestication. The Senate counterpart of this bill, S142, was passed by the Senate on June 16. This bill, which will be heard by Assembly Financial Institutions and Insurance on the 15th at 10:00 AM, modifies business filing statutes in the “New Jersey Business Corporation Act” by adding domestication and conversion provisions across all business entities, affecting the conversion of out-of-state to domestic businesses.

ACR94 (Mukherji) - Urges U.S. Congress and the President to strengthen provisions of Medicare Part D. This bill will be heard by Assembly Aging and Senior Services at 1:00 PM on the 15th. It recommends that the federal Legislature and President enact provisions that would protect access to prescription drugs under Medicare Part D by requiring that all willing pharmacies participate in Part D rather than solely preferred pharmacies.

The NJEDA’s Evergreen fund is intended to support companies based in New Jersey by helping to raise and invest capital. The Fund creates a package of tax incentives, financing and grant programs with the intention of accelerating investment in companies throughout the State by connecting investors, innovators and strategic partners. Among the features of the Fund is a dedication to supporting a diverse, equitable, and inclusive innovation ecosystem.

The State will sell up to $300 million in aggregate corporate tax credits to eligible corporations over the course of the program and create an opportunity for entities to access a discount of up to 25% on corporate business tax liability. Funds raised from the auction will later be matched by venture capital firms to be invested in early stage start-up businesses throughout the State.

The tax credit auction opened on August 1, 2022. Completed applications, including a refundable deposit, must be received by October 7, 2022.

For more information on the NJEDA Evergreen Fund, click here.

For the NJEDA Evergreen Fund Tax Credit Auction Application, click here.

President Biden intends to appoint Renee Wegrzyn, Ph.D., the current Vice President of Business Development for Ginkgo Bioworks, as the first Director of ARPA-H. The program is intended to amplify innovation in the development of therapeutics to target major diseases by supporting high-risk/high-reward R&D in the life sciences. While current versions of the enacting legislation still differ in both U.S. legislative chambers, the program is anticipated to be housed in the National Institutes of Health (NIH).

For an announcement from the White House on the intent to appoint Dr. Wegrzyn, click here.

For previous discussions of the Prescription Drug User Fee Act (PDUFA) reauthorization, see the following BioNJ Public Policy Updates:

• August 24, 2022
• July 27, 2022
• June 15, 2022
• May 11, 2022
• March 2, 2022

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 2023. 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.