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AdvaMed Statement on House 21st Century Cures Hearing
WASHINGTON, D.C. – JC Scott, senior executive vice president, government affairs, for the Advanced Medical Technology Association (AdvaMed) issued the following statement on today’s House Energy and Commerce Health Subcommittee 21st Century Cures hearing:
“AdvaMed applauds the subcommittee for holding this important hearing on the adequacy of current economic and regulatory incentives designed to foster R&D investment in innovative medical devices, diagnostics and pharmaceuticals.
“Medical technology has helped millions of Americans lead longer, healthier, more productive lives, and future advancements hold the promise to improve patient outcomes even more and to impact the real driver of health care costs – chronic disease.
“However, the medical technology industry faces many challenges getting these new technologies into the hands of patients and physicians – regulatory hurdles, coverage decisions and, most significantly, the onerous medical device tax.
“As highlighted by Advanced Technology Ventures General Partner Mike Carusi in his testimony, these challenges are prompting an exodus of venture capital financing from the medical technology sector. VC funding is the lifeblood of smaller medical technology companies, which make up the vast majority of the industry. If this trend is not reversed, it could have dire consequences for the future of medical innovation in the U.S.
“AdvaMed has provided the E&C Committee with a number of recommendations to improve America’s innovation ecosystem. We look forward to working with members of Congress and other stakeholders to develop ways to better incentivize the creation and availability of life-changing innovations.”
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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. AdvaMed members range from the largest to the smallest medical technology innovators and companies.