Bill > S5637

This bill establishes the Biomedical Innovation Fund, a $10 billion annual fund to be deposited into the U.S. Treasury from 2025 to 2034, which will provide dedicated funding for biomedical research primarily to the National Institutes of Health (NIH) and the Food and Drug Administration (FDA). The fund is designed to support various research initiatives, including basic disease research, innovative medical treatments for conditions with unmet needs, research on diseases that significantly impact federal healthcare spending, support for early career scientists, and efforts to increase diversity in medical research. Funds will be distributed proportionally between NIH and FDA based on their existing discretionary appropriations, with the condition that each agency's annual funding remains above a specified minimum level. The distributed funds will be allocated over five years, with 20% becoming available each year, and can be used for purposes such as supporting breakthrough research, developing medical products, improving regulatory decision-making, and conducting inter-agency research collaborations. The bill requires annual reporting on the fund's operations, including details about fund transfers, distributions, investments, and research outcomes. If the fund is not distributed for three consecutive years, the remaining balance will be transferred to the general Treasury fund to reduce the federal deficit.