CONCORD, N.H. – On Thursday, Feb. 19, NH Life Sciences (NHLS) opened its second annual Legislative Day at the State House with welcome news. The full New Hampshire House voted to support HB 1102 to increase the research and development tax credit, a key state policy the industry organization supports.
NHLS President Andrea Hechavarria highlighted, during a lunch with legislators and industry leaders after the vote, that life sciences support 11,000 New Hampshire jobs, with average salaries of nearly $130,000, higher than any other industry in the state.
The state was recognized as one of the fastest-growing life sciences workforce in the country, with a growth rate of 28%, Hechavarria said.
The R&D tax credit will allow companies to keep innovating life-changing treatments, especially when it can take years to see a return on products as they go through testing in the regulatory process.
The bill that was advanced on Thursday would increase the aggregate tax cap to $10 million, up from the $7 million it has been for more than 17 years. It would also increase the maximum credit amount allowed per entity from $50,000 to $100,000. This is the same proposal as last year’s SB 276, which was not passed in both chambers during the legislative calendar.
“When you are just starting out, every dollar counts,” Hechavarria said. “The R&D tax credit is so important, especially because we’re tying it to manufacturing. The tax credit, unfortunately, has become largely uncompetitive over the last several years. We’rereally eager to work to make this more competitive, make it work for our companies, incentivizing those companies to grow here, to stay here, to live and work and raise their families here.”
Sen. David Rochefort shared a proclamation at the lunch recognizing NH Life Sciences Legislative Day.
“New Hampshire really has an advantage,” he said before reading the proclamation. “Not only are we located 20 minutes out of one of the world’s epicenters of medicine, research, pharmaceuticals, and biotech… we have a tax-free state, which has an excellent quality of life, and we have access to a lot of opportunities.”
Rochefort expressed optimism for the progress NHLS has been making for the life sciences industry. The Littleton Republican said that during a recent trip to Portsmouth, his wife was struck by the number of biotech companies.
“Things that are going out all over the world are made right here in New Hampshire,” Rochefort said.
Also, as part of the event:
- Hechavarria emphasized the valued partnership NHLS has with the University of New Hampshire and how a strong and well-funded university system directly impacts the growth of the industry.
- Matt Simon, executive director of UNH Biotechnology Innovation Center in Manchester and the ReGen Valley Common Campus, announced that there are now nine companies working out of the BioLoft. Established in 2022, BioLoft is a BSL-2-rated wet lab incubator, equipped with essential laboratory apparatus and tailored support to address the needs of early-stage biotech businesses.
- Hechavarria announced that Novocure, a founding member of NHLS that has a location in Portsmouth, just received FDA approval for its pancreatic cancer treatment. Optune Pax is the first treatment to be FDA-approved in nearly 30 years for locally advanced pancreatic cancer.
- Bryan Hebert, area vice-president of payer solutions for Tenovi, one of the event’s sponsors, spoke about how his company is using technology for remote patient monitoring to improve health outcomes and lower costs, particularly for people in rural communities. Tenovi out of Portsmouth was named the fastest-growing company in New Hampshire and 11th in the national healthcare sector by Inc. 5000.
- Nancy Betterman, a parent advocate for rare disease awareness, a separate group that was sharing the space with NHLS, was invited to speak to the gathering. She said there are more than 10,000 rare diseases, which include pediatric cancers, impactingsomewhere between 25 to 30 million people. Of those 90% have no treatment. Rare Disease Day is Feb. 29, the rarest day of the calendar, and observed on Feb. 28 on non-Leap Years. Hechavarria said that in many ways its mission was similar to that of NHLS’s in that they both want to improve patients’ lives.
About New Hampshire Life Sciences (NHLS):
Established in 2023, NHLS is the statewide life sciences association—built by the industry, for the industry. Our mission is to foster growth and awareness of the life sciences industry in New Hampshire and to attract and retain world-class talent and innovation to the Granite State. New Hampshire's life sciences industry includes more than 600 companies, across five major industry groups (medical device manufacturing, medical equipment/supplies, research and development, pharmaceutical and medicine manufacturing, and medical and diagnostic laboratories).
Media Contact NH Life Sciences:
Andrea Hechavarria
