Thursday, November 17, 2011

Video: Senator Bennet Urges FDA to Provide More Regulatory Certainty to Spark Investments in Colorado Medical Device Industry

"Colorado U.S. Senator Michael Bennet yesterday urged the Food and Drug Administration (FDA) to continue building on efforts to provide more regulatory certainty and remove red tape to unleash much-needed investment in job-creating bioscience innovations in Colorado and the entire country. Bennet wants to work with the FDA to encourage faster approvals of safe and effective lifesaving products, so they get to the patients who need them most more quickly.

At a Senate Committee on Health, Education, Labor and Pensions hearing, Bennet questioned Dr. Jeffrey E. Shuren, director of the Center for Devices and Radiological Health at the FDA, about how the FDA can modernize and reposition itself as a driver of global innovation in the 21st century. Bennet has introduced a bill, along with Senators Richard Burr (R-NC) and Amy Klobuchar (D-MN) to provide more certainty and reduce unnecessary regulatory roadblocks for the medical device sector, while maintaining a commitment to safety, so patients receive innovative products faster.

In October, Bennet joined the National Venture Capital Association’s MedIC Coalition at the release of a survey of more than 150 venture capital firms that showed that U.S. venture capitalists are decreasing their investments in biopharmaceutical and medical device companies, reducing their concentration in prevalent disease areas and shifting investment away from the United States towards Europe and Asia."

Link to the CBSA Online Posting

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