In an exclusive MassDevice.com editorial, Massachusetts Senate hopeful Elizabeth Warren (D) calls for a more transparent FDA, the repeal of the medical device tax and a renewed commitment to education and research to support the medical device industry.
Unfortunately, our national commitment to R&D has faded. Instead of making the R&D tax credit permanent, Congress has let it lapse. Congress has also slashed federal support for research, as a percentage of GDP, by more than half since the 1960s. Basic science research by NASA and the NIH has been critical to the breakthroughs in medicine, in computing, and in materials science that have helped medical technology companies innovate. Without robust government funding of research and strong pipeline of scientists and engineers, America cannot foster an innovative future.
Investments in a better FDA, in fairer tax laws, and in research and development are critical to a strong medical technology industry and a strong economy. As a Commonwealth and as a country, we must strive to be the most innovative place in the world – but we will only achieve that goal if we dedicate ourselves to creating a climate for innovation. It is up to us here in Massachusetts to lead the way.