FOR IMMEDIATE RELEASE
September 28, 2007
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ADVAMED APPLAUDS HOUSE EFFORTS TO EXPAND ACCESS TO FUNDING ASSISTANCE
LEGISLATION IS CRITICAL TO GROWTH OF SMALL MEDICAL DEVICE COMPANIES
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WASHINGTON, D.C. – AdvaMed President and CEO Stephen J. Ubl issued the following statement today following House passage of the Small Business Investment Expansion Act of 2007 (H.R. 3567):
“AdvaMed commends the U.S. House of Representatives for approving legislation that includes a provision to ensure that small companies that depend on venture capital for a significant part of their funding will not be denied access to programs like the Small Business Innovation Program.
“It often takes a decade or more of capital-intensive research and development to produce a single new life-saving technology—and often venture capital funding is critical to success. This legislation is a lifeline for small companies engaged in the risk-taking necessary to develop the innovative treatments and cures of the future, and will facilitate economic growth, job creation and continued U.S. global competitiveness.
“AdvaMed thanks Rep. Nydia Velazquez (D-NY) and Rep. Steve Chabot (R-OH), Chair and Ranking Member of the House Small Business Committee, as well as Rep. Jason Altmire (D- PA) and Rep. Sam Graves (R-MO), the lead sponsors of this provision, for their recognition of the important role small companies play in the process of medical innovation that is so essential to medical progress.”
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AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. Our members produce nearly 90 percent of the health care technology purchased annually in the United States and more than 50 percent purchased annually around the world. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org .