The last two weeks of a session characterized by careful positioning and political savvy were a flurry of activity, and Medical Alley Association was right in the midst of it. You can check out the full report for a complete breakdown of the end-of-session deals or just scroll down for the highlights as well as some of the key Medical Alley moments in May.
Funding for the Angel Investment Tax Credit ($5 million for Calendar Year 2018) was included as part of the Omnibus School Aid & Tax bill.
- This was the top item on MAA’s 2018 Health Technology Economy Agenda.
- Throughout session several MAA members met with legislators to discuss the importance of the AITC.
- Governor Dayton vetoed the overall bill, so this provision did not go into law.
The Supplemental Finance bill contained a number of provisions MAA advocated for. These included:
- Establishing a Rare Diseases Advisory Council that would provide families impacted with resources and serve as a catalyst for translational research resulting in better and more accessible treatment for rare diseases.
- Creation of a grant program that increased access to non-opioid pain management devices that would help combat the opioid epidemic by reducing the number of opioids prescribed.
- The overall bill was vetoed by Governor Dayton, so these provisions were not enacted.
A bill establishing a step therapy override and protocol for prescription drugs was passed and signed into law.
- This new law will help patients avoid serious adverse effects, potentially prevent multiple physician visits or hospital readmissions, and lower overall system costs.
- This goes into effect on January 1, 2019.
Minneapolis Mayor Frey touts importance of Medical Alley in speech
On Monday, May 21st, Minneapolis Mayor Jacob Frey spoke at the first LiveBeta event for gBeta Medtech. Mayor Frey spoke about importance of Medical Alley and the need for continued support of our startup community by government of all levels, entrepreneurs, and investors.
Mayor Frey emphasized the need to highlight the good work being done in Medical Alley and how the companies based here are in a good position to continue their success.
gBeta Medtech is the seven-week program put on by nationally recognized accelerator Gener8tor and is sponsored by Boston Scientific, Mayo Clinic, the University of Minnesota, and Medical Alley Association.
Recombinetics CEO speaks to benefits of Angel Investment Tax Credit
That same Monday, the 21st of May, Recombinetics CEO Tammy Lee Stanoch appeared at a press conference to share the importance of funding the Angel Investment Tax Credit and how Recombinetics utilized it to be able to grow and create new jobs.
Although Governor Dayton did veto the Omnibus School Aid & Tax bill – which contained the Angel Investment Tax Credit – late last week, Medical Alley Association will continue to advocate for restoring funding to this program that is crucial for Minnesota’s start-up community.