On February 10th, 2014 the National Institutes of Health (NIH) released details about its fiscal mandates for the year. President Obama signed the Consolidated Appropriations Act (Public Law 113-76) into law on January 17th 2014, ensuring funding to NIH for the fiscal year ending September 30th, 2014.
The Act provides NIH with a budget of $30.15 billion, which is an increase of approximately $1 billion over 2013. As part of sequestration, programs were generally funded at about 90% of what they were originally awarded. Those funding reductions may be fully or partially restored, as part of the new budget.
To help make up for any 2014 budget shortfalls, the White House announced on March 3rd, 2014 its 2015 spending plan that proposes a separate $56 billion “Opportunity, Growth, and Security Initiative” that includes additional military spending and more research funding for the National Institutes of Health.
How will the new NIH budget change the bottom line for your business? Will researchers be eager to spend those newly found funds burning a hole in their pockets, or will they feel the need to save up in case of another political food-fight over the 2015 fiscal year? With our Life Science Dashboards™ or a custom market research project, Percepta Associates can help you figure out which way your market is heading.