Amgen Inc. on April 27 said the U.S. Internal Revenue Service (IRS) is seeking additional back taxes of $5.1 billion, plus interest and penalties, related to the drugmaker’s 2013 to 2015 accounting for profits between the United States and Puerto Rico, the location of most of the company’s manufacturing operations.
Maryland’s life sciences ecosystem has become a key hub along the eastern shore of the United States due to its position in infectious disease research and vaccine development and manufacturing. While the state saw an infusion of billions of dollars in government financing in the development of vaccines, Maryland’s Biotechnology Investment Incentive Tax Credit, is a tool that has been used to attract venture capital funding in the state.
The U.S. Supreme Court on Oct. 4 cleared the way for New York to collect a $200 million surcharge imposed on opioid manufacturers and distributors to defray the state’s costs arising from the deadly epidemic involving the powerful painkilling drugs.
According to Jon Bigelow, Executive Director of the Coalition for Healthcare Communication, the beginning of the Biden administration has had a largely positive impact on the biopharma industry, notably marked by an effort to “stick to the science”; a fairly efficient roll-out of COVID-19 vaccines that allows reopening of schools and many aspects of normal daily life; and expansion of Affordable Care Act (ACA) coverage. But behind the scenes, pressure continues to build surrounding high prescription drug costs and changes in tax policy.
Fighting COVID-19 – both the pandemic and the recession it provoked – is President Biden’s top priority, and he is asking Congress to pass two huge economic packages. Few dispute that more relief and stimulus is needed. There’s a growing risk, however, that the new fiscal reality facing the federal government resurrects the idea of a pharma marketing tax.
When the The Patient Protection and Affordable Care Act (often just referred to as “Obamacare”) took effect, one of the most controversial features was the so-called Cadillac tax. The tax […]
