The Bipartisan Policy Center's report recommends Congress take policy actions to reduce the time and cost of creating medical products. BPC sees the consequence of these actions as increasing innovation, finding cures and solidifying the United State's place in the global marketplace.
Here are five things to know:
1. BPC worked with former Senate Majority Leader Bill Frist, MD, and former congressman Bart Gordon on the report, "Advancing Medical Innovation for a Healthier America," for six months.
2. Costly development, drawn out approval processes and lack of regularity clarity hinders the patient access to medical technologies in the United States. The process of developing and delivering a new medical technology in the United States currently takes about $2 billion and up to a decade.
3. The United States' share of the world total R&D investment declined from 50 percent in 2007 to 44 percent in 2012.
4. BPC proposed that Congress take action to improve the medical product development process, increase regulatory clarity, strengthen the FDA's ability to execute its goal and improve patient access to medical products for public health needs.
5. If the FDA needs further funding, the BPC recommends cutting in some federal spending programs, increased user fees or new revenues.
"America cannot afford to rely on 20th century methodologies for treatments when the world is on the cutting edge of new medical technologies," said Dr. Frist.
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