Three-quarters of biomedical company CEOs in California said their companies delayed a research or development project last year, according to a survey by CHI-California Healthcare Institute, BayBio and PwC US.
The top reason for the delay was lack of funding, which accounted for 40 percent of the delays. Eight out of 10 CEOs said the FDA regulatory approval process had slowed the growth of their companies. The report cited access to capital, the regulatory environment and lack of innovation and productivity in research and development as the biggest threats to the biomedical industry's growth over the next five years.
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The top reason for the delay was lack of funding, which accounted for 40 percent of the delays. Eight out of 10 CEOs said the FDA regulatory approval process had slowed the growth of their companies. The report cited access to capital, the regulatory environment and lack of innovation and productivity in research and development as the biggest threats to the biomedical industry's growth over the next five years.
Related Articles on Medical Devices:
10 Recent FDA Medical Device Approvals
Food and Drug Law Institute Report Says FDA Needs to Reform 510(k) Process
St. Jude Medical Plans to Double its Location in Plymouth, Minnesota