On November 1, 2010, the IRS announced the names of the companies that received tax credits or grants under the Qualifying Therapeutic Discovery Project program. The program was created as part of the Patient Protection and Affordable Care Act to promote the development of therapeutic drugs. Eligible companies had to have no more than 250 employees. The IRS, in conjunction with the Department of Health and Human Services, approved applications for projects that showed significant potential to produce new and cost-saving therapies, support jobs and increase U.S. competitiveness.
Under the program, a total amount of $1 billion was allocated for credits and grants with a $5 million limit per each eligible applicant. Since awards were made by project, companies were eligible to receive funding for multiple projects, each worth up to $244,479.24, designed to offset 50 percent of qualifying research and development costs.