Biotechnology US President Barack Obama $3.77 trillion budget proposal for fiscal 2014 delivers mixed news for the biopharmaceutical industry, according to BioWorld. The proposal's tax reforms may benefit small biotechs, but it would prevent major drugmakers from moving profits out of the country to avoid US taxes. While the proposal would raise the FDA'S budget to $4.7 billion, the agency would still see a $15 million decline in funding for its drug, medical device and biologics programs. 11 April 2013