Healthcare industries applaud R&D tax credit proposal

In a statement Tuesday, Pharmaceutical Research and Manufacturers of America also expressed support. But PhRMA also made it clear that it has not taken a position on Obama's specific proposal.

"For America to keep its global leadership in medical innovation, it is critical that public policies and programs support continued research and development (R&D) of new medicines. Investments made in R&D help support the economy and U.S. jobs, including jobs in the U.S.-based biopharmaceutical sector," PhRMA said in a statement. "America's biopharmaceutical research companies –— who lead the world in the discovery of new medicines for patients suffering from disease — look forward to working with the Administration and Congress on finding long-term policy solutions that can help ensure that America keeps its innovative edge."

—Cross-posted from Healthwatch.