Arizona’s focus on life science and health innovation is important for both our state’s citizens and life science national ranking alike. Our state’s innovators are constantly working to develop pioneering treatments and cures that can help the quality of life for all Arizonans. These healthcare initiatives relate closely to the quality of life for our state’s citizens including troops, veterans, and the seniors who helped build the country we currently live in.
What is The Arizona Health Innovation Trust Fund (AHIT)?
The Arizona Health Innovation Trust Fund (AHIT) was established in 2022 under Arizona Revised Statute section 41-177. AHIT represents a lasting endowment fund that encompasses money continually allocated by public and private funding. On an annual basis, the Arizona State Treasurer is responsible for allocating four percent of the monetary resources within AHIT to an entity that fulfills a set of specific requirements. This is a permanent endowment that provides annual distributions to a 501c3 non-profit that:
- Provides entrepreneurial education, mentoring, and support to persons in the health innovation and healthcare delivery sectors.
- Provides programs that support workforce development.
- Provides programs that support the development and commercialization of health innovation.
- Has entered into an endowment agreement with the treasurer that includes investment procedures, maturity timelines, other requirements established by the Treasurer, and entity reporting requirements.
This non-profit entity must submit an annual report, as prescribed by the Treasurer, to the Governor, the President of the Senate, the Speaker of the House of Representatives, and the Treasurer by each December 31.
This eligible entity must first and foremost be a charitable organization. Furthermore, it should provide valuable support to individuals engaged in the health innovation and healthcare delivery sectors, including entrepreneurial education, mentoring, and guidance. Additionally, it should offer programs that contribute to workforce development, as well as initiatives that promote the advancement and commercialization of health innovation.
The Importance of Health Science Innovation
Arizona’s status as a health innovation center means there are constant developments moving forward in the state’s medical space and plenty of breakthroughs awaiting in the discovery pipeline.
These exciting ideas require the necessary resources to fully thrive in the Arizona innovation landscape. The innovators and entrepreneurs working hard in the medical space can benefit from initiatives like AHIT by using accumulated funds to help progress their medical projects forward in research and development. The focus of the fund emphasizes the smaller bioscience ventures that exist to propel Arizona’s medical innovation setting into the future. Rather than being a cost to the state, AHIT should be seen as a great investment for the state itself and for its inhabitants.
The important medical projects being developed in the state vary in purpose but serve many crucial outcomes. Medical advancements are being made in areas such as:
- Screenings and Diagnostics
- Drugs, Biologics, and Vaccines
- Medical Devices and Tools
- Health IT
Arizona’s focus on life science and health innovation through initiatives like AHIT demonstrates the state’s commitment to improving the quality of life for its citizens. The investments made in the health innovation sector, along with the expertise of organizations like Dorn Policy Group, Inc., further solidify Arizona’s position as a leading hub for life sciences.
If you or your organization would like more information on how to support The Arizona Health Innovation Trust Fund or attend the annual Ponte Cura, The Bridge To Cures benefit supporting The Arizona Health Innovation Trust Fund through AZAdvances on September 29, 2023 visit www.azadvances.org
Dorn Policy Group, Inc. Advocates for Arizona
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