A report by the Milken Institute found that some challenges facing the industry are the complexity and instability of the FDA's medical device approval process, government funding cutbacks and federal tax policies that cannot compete globally, a news release said.
To stay globally competitive, the report recommended the U.S. increase tax incentives for research and development, cut corporate tax rates, provide more support for emerging fields, provide adequate resources for the FDA and the NIH, build human capital and expand the role of universities.
Related Articles on Medical Devices:
FDA, CMS Launch Pilot Program for Voluntary Review of Innovative Devices
Survey: Venture Capitalists Moving Away from Medical Device and Pharmaceutical Companies
FDA Forms Expert Panel to Speed up Device Approval
To stay globally competitive, the report recommended the U.S. increase tax incentives for research and development, cut corporate tax rates, provide more support for emerging fields, provide adequate resources for the FDA and the NIH, build human capital and expand the role of universities.
Related Articles on Medical Devices:
FDA, CMS Launch Pilot Program for Voluntary Review of Innovative Devices
Survey: Venture Capitalists Moving Away from Medical Device and Pharmaceutical Companies
FDA Forms Expert Panel to Speed up Device Approval