Just one more failed “stimulus” project? This past week, Geron announced they are no longer pursuing their research in embryonic stem cells. They laid off 66 employees.
The US government should never have been in the business of picking and choosing business winners and losers. We certainly shouldn’t be giving money for destructive embryonic stem cell research.
Included as part of the Patient Protection and Affordable Care Act of 2010, the QTDP program provided a tax credit to encourage investments in new therapies to prevent, diagnose, and treat acute and chronic diseases. Companies, such as Geron, that cannot currently use a tax credit were allowed to apply for a cash grant
in lieu of a tax credit.
To be eligible for the program, projects must show reasonable potential to result in new therapies to treat areas of unmet medical need; prevent, detect, or treat chronic or acute disease and conditions; reduce long-term health care costs in the United States; or significantly advance the goal of curing cancer within a 30-year period.
In addition, preference was given to projects that showed the greatest potential to create and sustain (directly or indirectly) high quality, high-paying jobs in the United States, and advance United States competitiveness in the fields of life, biological, and medical sciences.
Projects were selected jointly by the Treasury Department and the Department of Health and Human Services.