Launch Tennessee announced yesterday that it will be able to expand its mentor network support to two additional industry sectors after winning a Regional Innovation Strategies (RIS) “i6 Challenge” grant from the U.S. Economic Development Administration (EDA). Yesterday’s announcement in Washington, DC was good news not only for Launch Tennessee, but also for two Memphis-based organizations—AgLaunch and Epicenter. The former also won an “i6 Challenge” grant while the latter was a recipient of a “Seed Fund Support” grant. In a blog post, Launch Tennessee said the federal monies will allow the statewide organization to add two key business sectors in the state—automotive and agriculture—to its existing mentor programs that currently serves start-ups in the life science and advanced energy sectors.
Peak Serum, Inc. is pleased to announce its involvement with Life Science Tennessee (LST). Peak Serum aims to leverage the key benefits of its LST membership, which are designed to support members through business networking events and advocacy on behalf of the industry, among other endeavors. LST will assist Peak Serum in its effort to introduce eco-friendly lab accessory products such as Centrifuge Tubes, Pipette Tips, Serological Pipettes and Showa Gloves to Tennessee businesses.
Senate Finance Committee leaders on Tuesday released their highly anticipated bipartisan proposals to lower drug spending in Medicare and Medicaid after a week of wrangling uneasy GOP lawmakers. The panel plans to vote on the package Thursday despite continued criticism from Senate Republicans. The Trump administration has promised to work with the Senate to "ensure this proposal moves forward." The entire package from Chair Chuck Grassley (R-Iowa) and ranking member Ron Wyden (D-Ore.) is projected to save more than $100 billion over 10 years for both the government and Medicare beneficiaries.
This announcement follows the passage of legislation by the United States House of Representatives repealing the Affordable Care Act’s so-called ‘Cadillac tax’. The medical device industry in the United States will face a $20 billion tax increase when the excise tax goes back into effect 1st January 2020, unless Congress acts quickly. The tax was in effect from 2013-2015 and resulted in a significant burden on innovative medtech companies, particularly for smaller startups which are not yet profitable, because it is a tax on sales and not profit.