AdvaMed today announced a new "Innovation Agenda" built on 5 pillars it says are needed to "renew the innovation ecosystem" for the medical device industry.
The national medtech trade group said it will lobby for proposals addressing the regulatory, reimbursement, tax, international and research fronts.
"As our patient base changes as chronic disease becomes more important, I see the role of technology … becoming more important," new AdvaMed chairman Vincent Forlenza, CEO of Becton Dickinson (NYSE:BDX), said during a conference call with reporters today. "We believe the enactment of this agenda will unleash the potential for medical technology to do a number of important things – extend and improve lives, number 1, reduce the cost and burden of disease and also enhance U.S. scientific and economic leadership."
“We think these solutions … are absolutely essential to encourage continued investment in medical innovation and ensure that America remains the undisputed world leader in medical devices & diagnostics in this century of the life sciences," added AdvaMed president & CEO Stephen Ubl.
"We hope this framework will guide policymakers as we work toward our shared goal of advancing medical progress and spurring the innovation economy," Ubl said in a statement. "We are committed to working with Congress, the administration and others to enact these policies."
Here are the 5 pillars of AdvaMed’s Innovation Agenda:
- "Improving FDA’s regulatory processes so that the cost and time of development and approval of devices and diagnostics is reduced and the [Center for Devices & Radiological Health]’s 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 [the Centers for Medicare & Medicaid Services]’ 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 2nd to none.”