While support for the private cord blood banking industry is mixed among parents and obstetricians, the industry appears to be gaining support on the legislative front. A major congressional decision is underway, as the “Family Cord Blood Banking Act” was introduced to the 113th Congress.
Specifically Republican Congressman Aaron Schock (R-Il-18) introduced the bill to the House Committee on Ways and Means on December 5, 2013. The bill has received substantial support within Congress, as it currently has 40 cosponsors, which can be seen here. Several cosponsors have joined every month since the bill was introduced on December 5, 2013.
If approved, the act will amend the Internal Revenue Code to treat the cost of private umbilical cord blood banking services as a medical care expense for purposes of the tax deduction for medical expenses.
Specifically, the internal revenue code will be amended to define medical care to include “private umbilical cord blood banking services provided by any accredited umbilical cord blood bank which is in compliance with the regulations under section 361 of the Public Health Service Act.”
In addition to this proposed federal support, state programs are ramping up their support of the cord blood industry as well. In one recent development on May 16, 2013, the New York State Senate introduced a bill to create a public umbilical cord blood banking program within the New York State Department of Health that will promote public awareness of the potential benefits of public cord blood banking.
As progress with the number of diseases and conditions treatable with cord blood continues to rise, BioInformant expects that changes in legislative support for cord blood banking will gain momentum, including support of this bill. It is also anticipated that additional bills will be introduced to Congress to promote education, awareness, and public donation of umbilical cord blood within the U.S.
To learn more about the bill, visit: https://beta.congress.gov/bill/113th-congress/house-bill/3673
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BioInformant is the only research firm that has served the cord blood sector since it emerged. Our management team comes from a BioInformatics background – the science of collecting and analyzing complex genetic codes – and applies these techniques to the field of mark research. BioInformant has been featured on news outlets including the Wall Street Journal, Nature Biotechnology, CBS News, Medical Ethics, and the Center for BioNetworking. Serving Fortune 500 leaders that include GE Healthcare, Pfizer, Goldman Sachs, Beckton Dickinson, and Thermo Fisher Scientific, BioInformant is your global leader in cord blood industry data.
To learn more about other emerging trends within the cord blood banking industry, view the “Complete 2015-16 Global Cord Blood Banking Industry Report” now.