The United States government approved a total budget of $1.3 trillion. This appropriation offers an 8.8 percent increase to the NIH budget, which amounts to $37 billion.
With the increase in funds, small businesses will be allocated greater dollars as 3.2% of all NIH funding must go to small businesses. This means that small businesses can now expect to secure a total of approximately one billion dollars from the NIH alone on an annual basis.
But, that is likely to happen only if they present a winning submission to the NIH SBIR program.
The Small Business Innovation Research (SBIR) program, has to allocate also referred to as America’s Seed Fund is an excellent source of initial stage funding for the commercialization of technology in the country.
Any special areas for increase?
- The newly sanctioned budget offers an increase for certain special areas including:
- $414 million for Alzheimer’s disease research (close to 30% increase), $400 million for the Brain Research through Advancing Innovative Neurotechnologies Initiative ($140 million additional).
- In addition to this, the entire US precision medicine study gets a $60 million increase, to $290 million,
- $40 million in new funds will be spent on research on a universal flu vaccine(for $100 million in total) and
- at least $500 million in new funds will be targeted to research on opioid addiction.
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