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2023 | Q4 Newsletter

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CONNECT

ADVOCATE

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ADVANCE

PRESIDENT'S MESSAGE

As the holidays pass by and the festive décor is put back into storage, I can reflect on the perseverance of our Members not only the last quarter of the year, but for the entirety of 2023. The Association used the final weeks of the year to provide opportunities for our members to create strategic connections that will carry them through to the new year amidst a difficult and uncertain funding environment. Life Sciences PA hosted a partnering day with the global investment arm of Johnson and Johnson, where nearly 20 Member organizations were invited to meet with these strategic partners in our offices. We also hosted our CFO and CEO Dinners, gathering top finance executives in October, and the leaders of our Member organizations in November, for an exclusive evening of networking and fireside chats with top leaders in the industry today. 

 

On the advocacy front, I had the pleasure of meeting with Governor Josh Shapiro, Rick Siger, Secretary of the Department of Community and Economic Development, Akbar Hossain, Secretary of Policy and Planning, and Ben Kirshner, Chief Transformation Officer, about Pennsylvania's robust life sciences ecosystem. We discussed the Governor's proactive approach to incentivizing investment in one of the Commonwealth's economic strengths. Our advocacy team will continue this collaborative work with the Governor and his administration in advancing the Pennsylvania innovation economy into 2024.

 

We continued to welcome life sciences leaders to the podcast this quarter, and closed out the year with a 2023 wrap-up discussion on the main themes and lessons we took away from our guests in 2023. Lastly, we welcomed Members in Pittsburgh and Southeastern PA to our Holiday Luncheon and Holiday Mixer for one final networking opportunity before the close of the year. We look to 2024 with optimism and motivation to work behind the scenes to support our Members in any capacity they need. Hope to see you in the new year.

 

All the best,
Chris Molineaux

Welcome to the 2023 Q4 Newsletter. Life Sciences Pennsylvania closed the year with multiple high-level and inclusive networking opportunities, patient group events, and successes in our advocacy efforts. We look forward to seeing you in 2023!

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Presidents Message
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BEING A LIFE SCEINCES LEADER
PODCAST

Season 4 of Being a Life Sciences Leader launched in Q4 with guests from the biotech, pharma, and med tech sectors taking the mic. Chris and Rachael then closed out the year with a wrap-up episode discussing the top themes and lessons learned from the 2023 guests.

Stream the episodes to hear advice on leadership in the life sciences, key leadership traits, and how the Commonwealth’s top life sciences leaders continue to grow within the industry. 
 


 

Randy Hubbell, former President & CEO of Carmell Corporation joins hosts Chris and Rachael in the studio to record Being a Life Sciences Leader.


 

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Podcast
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Advocacy
ADVOCACY
Planning for 2024

As Life Sciences Pennsylvania looks ahead to 2024 and the continued legislative sessions in Harrisburg and Washington, D.C., it is critical LSPA hear from its member organizations. The Life Sciences PA Federal Policy Committee and State Policy Committee met in November and December, respectively, to update the 2024 policy priorities at the state and federal levels. These meetings are an incredibly important, annual exercise to capture feedback from member organizations and update the policy priorities accordingly. This effort helps ensure LSPA is advocating for policies that incentive growth in the Commonwealth’s diverse life sciences sector.

 

These priorities will be finalized in late January, 2024. For any questions about the state or federal policy priorities please contact Kurt Imhof at kimhof@lifesciencespa.org or Lara Flynn at lflynn@lifesciencespa.org, respectively.

FEDERAL UPDATES
PULSE (Partnership for the U.S. Life Science Ecosystem) Launch

LSPA was proud to be an original member of the PULSE coalition. This coalition is a non-partisan effort designed to inform, educate and engage policymakers and other stakeholders about the unique life science ecosystem, and how it relies on the ability of innovators of all sizes to pursue business arrangements that help bring innovation to patients while driving investment, jobs and growth across the U.S. To learn more about our partnership with PULSE, click here.

MedTech Conference

Life Sciences PA attended the AdvaMed annual MedTech conference in California. This event is an important opportunity to hear from MedTech leaders in the public and private sectors and strengthen relationships with one of our national partners. At the event, we heard perspectives and gained valuable insight into MedTech industry trends. We joined conversations focused on key topics, including artificial intelligence in health care, emerging regulatory and reimbursement pathways.  

Congressional Multi-State Briefing “The Impact of Domestic R&D Amortization on the Emerging Biotechnology Community”

For decades, the tax code incentivized long-term investments in innovation and technological breakthroughs by allowing businesses to fully deduct R&D expenses in the same year they were incurred. However, since 2022, American innovators have been required to amortize such deductions over several years—diverting critical funds away from emerging R&D-intensive companies.

 

LSPA joined BioCom California, Bio NJ, California Life Sciences, HINJ, MassBio, MichBio, NC LifeSci and New York Bio for a Multi-state discussion regarding the impact this mandatory amortization has on businesses and startups, and solutions needed to safeguard innovation, jobs, and the development of emerging technologies.

Panelists L to R: Sylvia Wulf, Board Chair and CEO, AquaBounty, Bill Newell, Chief Executive Officer, Sutro Biopharma, Aaron Borenstein, Senior Director of Global Tax, PTC Therapeutics, Brent Fisk, SVP, Gov. Relations & External Affairs, California Life Sciences at the Congressional Multi-State Briefing “The Impact of Domestic R&D Amortization on the Emerging Biotechnology Community”

CSBA Summit

LSPA joined national partner, BIO and the Council of State Bioscience Associations (CSBA), at the Annual CSBA Summit in New Orleans. This event helps facilitate important conversations and connections among the state life sciences trade associations. Additionally, it provides helpful policy updates, sharing of best practices, and opportunities to collaborate and coordinate the important messages our respective associations deliver to officials in D.C. and in state capitals around the country.

Congresswoman Mary Gay Scanlon Tour and Townhall at Cencora in Conshohocken

Congresswoman Mary Gay Scanlon (PA-05) visited Cencora and met with employees to discuss her priorities for the remainder of the 118th Congress. We are appreciative of her leadership in Congress representing the vibrant life sciences ecosystem in her Congressional district including Montgomery County, Delaware county, and southwest Philadelphia. These opportunities ensure our Pennsylvania congressional representatives understand the importance of the life sciences economy. 

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STATE UPDATES
Pennsylvania Budget Update

Pennsylvania Governor Shapiro signed the General Appropriations Act in early August, but additional code bills were necessary to instruct and allocate funds and finalize the 2023-24 Pennsylvania budget process. After the House and Senate passed their own code bills earlier in the year, both chambers finally came to agreements December 13 and passed fiscal code (House Bill 1300) and education code (House Bill 301 and SB 843) bills. Gov. Shapiro signed these budget-enabling code bills December 14 largely bringing closure to the protracted fiscal year 2023-24 budget process.

The content of the code bills passed in both chambers largely encompasses policy items contained in previous iterations considered earlier this year. As noted in earlier budget updates, Life Sciences PA is pleased budget priorities, such as the Life Sciences Greenhouses, Ben Franklin Technology Partners, and R&D Tax Credits, among other items, are maintained at their current levels. The continued commitment of Governor Shapiro and the Pennsylvania General Assembly to the Commonwealth’s life sciences community is greatly appreciated.

Life Sciences PA is also pleased the House and Senate passed legislation updating provisions of the Qualified Manufacturing Innovation and Reinvestment Deduction (QMIRD) program. The QMIRD legislation was led by one of the Pennsylvania House Life Sciences Caucus Co-Chairs, Representative Tim Briggs, and Life Sciences PA supported its passage. Updates include lowering minimum private capital investment from $60 million to $50 million, new project completion requirements, and allowing successive deductions. The support of Representative Briggs and the other Life Sciences Caucus Co-Chairs in leading on the Life Sciences PA policy priorities throughout this challenging budget process is critical to their passage.

In just under two months – February 6, 2024 – Governor Shapiro will be making his second budget address to the Pennsylvania General Assembly. Life Sciences PA will be sure to keep our members apprised of developments related to the industry as that date approaches.

Meeting with Pennsylvania Governor Josh Shapiro 

Life Sciences PA was pleased to meet with Pennsylvania Governor Josh Shapiro to discuss the Commonwealth’s vibrant life sciences community. Joining the meeting November 27 was Department of Community and Economic Development Secretary Rick Siger, Secretary of Policy Akbar Hossain and Chief Transformation Officer Ben Kirshner – all of whom has been active and engaged with Life Sciences PA and its member organizations. The Governor announced his administration’s launching of a comprehensive economic development plan for the Commonwealth – the first for Pennsylvania if more than 20 years – at the end of September. Life Sciences PA is appreciative of the Governor's proactive approach to incentivizing investment in one of the Commonwealth's economic strengths and looks forward to continued, collaborative work with the Governor and his administration advancing Pennsylvania’s innovation economy.

From L to R: Christopher Molineaux, Life Sciences PA; PA Governor Josh Shapiro; Kurt Imhof, Life Sciences PA

Annual Patient Summit

Life Sciences PA hosted its 2023 Patient Summit virtually November 9 to provide patient advocacy groups and public officials the opportunity to learn about exciting developments in the life sciences ecosystem and better understand the interaction between payers, patients, innovators, and policy makers. The event brought together more than 70 attendees to hear from a variety of life sciences leaders on topics such as the Orphan Cures Act, diversity in clinical trials, and how companies can work with patients/patient groups to effectively share their story.

 

The goal of this event is to empower patient groups to effectively share their stories and gain the necessary information and allies to influence change through the legislative process. Life Sciences PA has the additional goal of educating and informing legislators on issues affecting patient groups, and how they too can work most effectively with them to provide better outcomes throughout the Commonwealth.

Pittsburgh Innovation Ecosystem Tour

As the statewide trade association for the Commonwealth’s life sciences community, it is critical Life Sciences PA continue to create opportunities for members in two of the state’s largest metropolitan regions to connect. To that end, LSPA was honored to work with InnovatePGH, the University City Science Center, and the City of Philadelphia to connect the Pittsburgh and Philadelphia life sciences/innovation ecosystems with a day of tours, meetings, and networking in and around Pittsburgh. These connections are especially important to develop the relationships and momentum needed to pass significant policies that incentivize investment in this ecosystem. 

 

Members from Philadelphia’s life sciences/innovation ecosystem took part in the weekly Pittsburgh BioBreakfast and met with representatives of, and toured facilities operated by the University of Pittsburgh, Carnegie Mellon University, Magee-Womens Research Institute & Foundation and others. The day ended with a roundtable discussion and reception to discuss the ways in which these two unique regions can work together more closely moving forward.

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Life Sciences leaders in Philadelphia and Pittsburgh tour Carnegie Mellon University’s Cloud Lab

PA Rep. Dan Williams Visits Pression

As part of its regular advocacy activities, Life Sciences PA provides legislators with first-hand opportunities to see and meet with member organizations and their respective employees.

 

Life Sciences PA was proud to work with Pression – a medical technology company based in Coatesville, Chester County – to host Pennsylvania State Representative Dan Williams (D, PA-74). The visit included a demonstration of the medical device Pression is developing along with discussions around the kinds of policies and workforce initiatives beneficial to early-stage organizations like Pression. Life Sciences PA will continue to look for and work with member organizations interested in hosting public officials.

From Left: Kurt Imhof, Life Sciences PA; State Rep. Dan Williams; Adam Salamon, Pression; Pablo Huang Zhang, Pression

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Events
EVENTS
CHIEF FINANCIAL OFFICER DINNER
October 25, 2023|Flourtown Country Club

Life Sciences PA was proud to bring back the Chief Financial Officer Dinner for the first time in years. Top financial executives from our R&D Member organizations, alongside some of their CEO's gathered for an exclusive cocktail hour, dinner, and fireside chat with former Carmell Corporation President & CEO Randy Hubbell.

PARTNERING DAY
November 7, 2023| LSPA Offices

Life Sciences PA was thrilled to host representatives from Johnson and Johnson Innovation across Oncology, Immunology, Neuroscience, Data, Product Delivery & Supply (DPDS), Data Science, Cardiovascular, Metabolism, Retina & Pulmonary Hypertension, JJDC and New Company Creation for a company Partnering Day

 

More than 20 start-up companies and research institutions convened for this invite-only event at our offices. These emerging companies had the opportunity to engage with fellow innovators, investors, and early-stage companies, aiming to understand their scientific advancements and programs while exploring opportunities to foster collaboration, elevating the next era of innovation.  
 

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OPERATOR'S MANUAL - QUARTERLY SERIES 

Life Sciences PA constantly evolves programming to meet the needs of members and help them reach their organizational goals. LSPA continued the Operator's Manual in quarter 4, a series of quarterly educational sessions to give advice to member companies on topics like fundraising, finance, operations and legal considerations. In October, LSPA introduced a new series to the manual, Phase-to-Phase: The Guide to Drug Development, to give insight on the drug development process and important considerations. Thanks to the generous support of the sponsors of these series, all sessions are free to members, giving them the insight into the areas of business operations they need. 

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Phase--to-Phase: The Guide to Drug Development features experts from PPD who cover topics such as challenges and hurdles currently seen in drug development and the best strategies to overcome them.

The Art of Fundraising features experts from Danforth Advisors who discuss real life scenarios and advice on topics such as preparing for the seed round, different stages of fundraising, board topics, and more. This past session included an in-person option live from Pittsburgh, PA!

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Attendees can have all their legal questions answered at the Legal Answers Workshop. Experts from Ballard Spahr discuss a variety of topics in this LAW series, including emerging legal and compliance issues with artificial intelligence in life sciences

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LSPA's first quarterly series, the Finance Operations Series has been assisting attendees with taking control of their financials for more than two years. Experts at KPMG cover topics such as financial reporting and technical accounting, improving EBITDA and best practices to minimize sales and use tax expenses

CHIEF EXECUTIVE OFFICER DINNER
November 28, 2023 | Merion Golf Club

Life Sciences PA's most exclusive event of the year, the CEO Dinner welcomes leaders across hundreds of organizations for the opportunity to network, connect and hear from a high-level speaker. Vlad Coric, M.D., Chairman and CEO of Biohaven joined the event for a fireside chat to discuss his journey launching Nurtec ODT and his leadership during Biohaven's acquisition by Pfizer in May 2022. 

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December 5, 2023 | Pittsburgh, PA

Life Sciences PA rang in the holidays all across the state, beginning the celebrations at the Pittsburgh Holiday Luncheon. The TRYP Hotel in Lawrenceville was the backdrop to take a break from the hustle of the holidays and celebrate the year's achievements. Located inside a 100-year-old former vocational school in Lawrenceville, this venue provides the opportunity to experience a piece of history while looking to the future of the industry. 

December 14, 2023| Life Sciences PA Headquarters

To close out the holiday festivities, Life Sciences PA decked the halls of our King of Prussia headquarters for our annual Holiday Mixer Hosted by the LSPA Board of Directors. Attendees mingled while sipping holiday cocktails and warm cocoa, and made valuable connections with fellow members, new members to the Association, and the Board of Directors. 

TELL ME ABOUT YOUR DE&I INITIATIVES
December 19, 2023| Hosted Virtually
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Life Sciences PA's popular DE&I series returned with more experts bringing the investor's perspective. Panelists discussed how targeting capital to DE&I innovation can continue the emphasis on the importance of diversity, equity, and inclusion in the workplace. Investors Jennifer Griffin, PhD, from Mission BioCapital and Kirsten Leute from Osage University Partners joined the conversation and even met with attendees for a networking session following the program.

UPCOMING EVENTS