WASHINGTON, DC – Representatives Brian Fitzpatrick (PA-1) and Sanford D. Bishop, Jr. (GA-2) have introduced the Long-term Opportunities for Advancing New Studies (LOANS) for Biomedical Research Act. The bipartisan legislation aims to fund crucial medical research for treatments and cures for diseases like Alzheimer’s, cancer, diabetes, and more.
Congressman Fitzpatrick emphasized the need for increased funding in the field, stating, "More funding is urgently needed for research, treatment, and cures for deadly diseases." He also expressed his pride in collaborating with Rep. Bishop, Jr. on the LOANS for Biomedical Research Act, which aims to promote prevention and treatment through research with BioBonds investments. Fitzpatrick added, "We must do whatever we can to restart these potentially lifesaving clinical trials."
Meanwhile, Congressman Bishop highlighted the challenges faced by promising treatments, stating, "Many promising treatments fail to advance to early-stage clinical trials due to a lack of consistent private funding." He believes that the LOANS Act will facilitate bringing more of these treatments to the market in a fiscally responsible manner, benefiting Americans both now and in the future.
Research indicates that over 1,000 clinical trials have been disrupted due to funding redirection during the pandemic. The LOANS Act proposes the creation of BioBonds, a new form of investment that would restart critical research for diseases affecting millions at minimal cost to taxpayers.
Alerts Sign-up