Policy Proposals Aim to Renew Medical Technology Innovation Ecosystem
The Advanced Medical Technology Association (AdvaMed) recently released a comprehensive set of policy proposals designed to renew the innovation ecosystem for medical technologies and diagnostics.
AdvaMed’s “Innovation Agenda” outlines a series of specific policy initiatives –regulatory, reimbursement, tax, international and research – which will help speed patient access to the next generation of life-changing innovations.
“Advanced medical technology can provide solutions to the challenges facing global health care systems – improving patient access to high quality, efficient care,” said AdvaMed Board Chairman Vincent A. Forlenza, Chairman, CEO and President, BD. “Our industry is committed to the development of new diagnostics, treatments and cures that improve public health. Policies that promote a sustainable health innovation ecosystem are required in order to put these technologies in the hands of the public.”
“The medical technology sector has the potential to drive the new innovation economy, developing the next generation of cures and treatments and creating well-paying jobs – the types of middle-class jobs the president and Congress want,” said Stephen J. Ubl, President and CEO of AdvaMed. “Our Innovation Agenda lays out a clear framework to make that potential a reality. Implementation of the agenda will make regulatory and reimbursement procedures more efficient and transparent, speed patient access to breakthrough technologies, create a tax system that fosters innovation, and ensure fair access to world markets and continued investment in R&D.”
AdvaMed’s Innovation Agenda includes specific recommendations under five policy pillars:
- Improving FDA’s regulatory processes so that the cost and time of development and approval of devices and diagnostics is reduced and the CDRH mission statement that American patients will be the first in the world to have access to new devices is achieved, while maintaining the highest standards of safety and efficacy.
- Restructuring CMS’s coverage and payment processes to support development of new technologies that improve treatment, diagnosis, or prevention and provide prompt patient access to these technologies.
- Reforming the U.S. tax system to promote innovation, starting with repeal of the medical device excise tax.
- Improving access to international markets by insisting on free and fair trade in medical technology and working with foreign governments to achieve innovation-friendly regulatory and payment policies.
- Supporting the maintenance and growth of an R&D infrastructure second to none.
“We hope this framework will guide policymakers as we work toward our shared goal of advancing medical progress and spurring the innovation economy,” said Ubl. “We are committed to working with Congress, the administration and others to enact these policies.”
Download the Innovation Agenda(http://advamed.org/res/837/advameds-innovation-agenda) and accompanying infographic(http://advamed.org/res/838/innovation-agenda-five-pillars-to-protect-the-medtech-ecosystem).
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.
SOURCE: The Advanced Medical Technology Association (AdvaMed)