The biotech industry is getting a major boost in revenue as the National Institutes of Health awarded $1 billion in grants and tax credits to biotechnology companies with innovative ideas for therapeutic treatment.
Health and Human Services Secretary Kathleen Sebelius and Treasury Secretary Timothy Geithner joined NIH Director Francis Collins in announcing the awards during a teleconference Wednesday. Almost 3,000 companies in 47 states and the District received awards of almost a quarter-million dollars, with some companies receiving two or more grants.
"The United States has the most innovative companies, the most ambitious entrepreneurs and the most productive workers in the world," Geithner said. "These grants will help make sure our companies, entrepreneurs, and workers can continue to invest and innovate, which will strengthen our economy now and far into the future."
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