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The FDA granted the Georgia Institute of Technology, Children's Healthcare of Atlanta, Emory University and Saint Joseph's Translational Research Institute a two-year, $1.8 million grant to develop pediatric medical devices, a Georgia Institute of Technology release said.

The medical technology industry is facing new challenges, including unstable public policy, increased regulation, a financial downturn and a changing customer base, according to Ernst and Young's 2011 "Pulse of the Industry" report.

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