The organization surveyed 156 venture firms that represent $10 billion in investments to life sciences in the past three years. Of those surveyed, 39 percent said their life science investments have decreased in the past three years, and 39 percent said they will continue to do so. The main reason for the shift was dysfunction at the FDA.
Firms said they would invest in healthcare services and information technology, which are not regulated by the FDA, but cut investments in cardiovascular disease, diabetes, obesity, cancer and neurological diseases. Survey results were announced on Capital Hill yesterday morning. The Prescription Drug User Fee Act and the Medical Device User Fee and Modernization Act are up for re-authorization next year, and changes could be made to the acts — including funding.
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