FDA Seeks 10% Increase In Biden's FY 2024 Budget, Proposes Enhancing Regulatory Authorities - Abbott Laboratories (NYSE:ABT), iShares Biotechnology ETF (NASDAQ:IBB)

The FDA has requested $7.2 billion as part of the president's fiscal year 2024 budget, $128.2 million of which the agency intends to invest in food safety and nutrition modernization, including food labeling and animal food safety oversight.
Building on lessons learned from the infant formula supply chain fiasco, the budget also includes funding to modernize infant formula oversight and strengthen efforts to respond to shortages of critical foods.
Last year, the FDA said to review guidance and rules about manufacturing infant formula to prevent bacterial illness like Abbott Laboratories ABT products this year.
The Justice Department's consumer-protection branch is investigating conduct at Abbott's plant in Sturgis, Michigan.
The request includes an increase of $372 million in budget authority — or 10% above the FY 2023 Enacted Level — and a $150 million increase in user fees.
FDA has requested $10 million in further investments in enterprise data and information technology (IT) modernization, $16 million for regulatory and mission support functions within the Office of the Commissioner, and $9.4 million for FDA buildings, facilities, and infrastructure improvements.
FDA is also seeking $5 million to modernize its cosmetics oversight program, $23 million in additional funds to fight the opioid crisis and $2.5 million to help develop treatments for amyotrophic lateral sclerosis (ALS) disease.
FDA also is asking for $11.6 million for medical device supply chain enhancements and shortage programs.
To complement the funding requests, the FDA's budget proposal includes a package of legislative proposals designed to bolster the agency's authorities to further its mission to protect and promote public health.

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