TRACK Act of 2023 Taxpayer Research And Contributions Knowledge Act of 2023
Impact
The Act’s implementation is expected to significantly impact how federal support for biomedical projects is documented and accessed. By requiring comprehensive disclosures of federal funding and related contracts, the bill may help improve accountability and transparency. Stakeholders, including research institutions and the public, will have better insights about the federal investment in biomedical advances, which can foster innovation and inform policy decisions. The availability of this information could also enhance collaborative efforts between federal entities and private organizations engaged in healthcare development.
Summary
Senate Bill 315, also known as the Taxpayer Research And Contributions Knowledge Act of 2023, aims to enhance transparency in federal funding for biomedical research. The bill mandates that the Secretary of Health and Human Services, along with various federal officials, compile a searchable database that contains detailed information about federal support for biomedical research and development. This database is intended to be made publicly accessible on the Department of Health and Human Services' website within a month of enactment, with updates happening at least every two weeks. The database will encompass a wide range of information, including contracts, funding agreements, and associated patents linked to federally funded research projects.
Contention
Despite its aims for greater transparency, some concerns have been raised regarding the bill's implications for private entities involved in biomedical research. Critics argue that the breadth of information required for disclosure could discourage companies from seeking federal grants or collaborations due to fears of spilling proprietary information or facing penalties for nondisclosure. The bill includes provisions for penalties of up to $10,000 for each day an entity fails to comply with disclosure requests, which critics believe could impose heavy burdens on smaller organizations struggling to navigate federal funding processes.