Richard Gephardt and the Council for American Medical Innovation Discuss Incentives Necessary to Protect America’s Greatest Innovators at Capitol Hill Briefing

“Incentives for American Medical Innovation: Protecting America’s Greatest Innovators,” is the Third in a Series of Briefings About Achieving “Recovery Through Discovery”

WASHINGTON, Oct. 5 /PRNewswire-USNewswire/ — Political leaders and experts from health policy, pharmaceutical, and venture capitalist communities gathered this morning on Capitol Hill to discuss policies and incentives needed to protect and ensure continued U.S. leadership in science and discovery. The briefing, titled Incentives for American Medical Innovation: Protecting America’s Greatest Innovators, was sponsored by the Council for American Medical Innovation and was the third in a three-part series, Recovery Through Discovery, which has examined medical innovation as a driver of U.S. economic recovery and enhanced global leadership in science.

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Participants in today’s briefing discussed the current U.S. environment supporting innovation, including intellectual property protections, regulatory infrastructure, and tax incentives for medical innovation industries.

“The future of medical innovation in the U.S. is directly tied to our ability to encourage American businesses to invest in science and technology, and take important risks,” said Former Democratic Leader Richard Gephardt, chairman of the Council for American Medical Innovation, who moderated the discussion. “American innovators face some significant barriers to success right now – including a lack of adequate capital to see their ideas through from start to finish; a prolonged and expensive regulatory pathway for new medicines, biologics and devices; and a lack of adequate incentives to enter the market and compete. The key to U.S. economic recovery and jobs, as well as promoting the health of our citizens, is innovation, and we must not only invest more resources here, but also create a legal and regulatory environment that includes strong incentives and allows medical innovation to thrive.”

American businesses are operating in a globally competitive economy in which they must innovate to succeed. Other nations – from Singapore to Sweden – have made innovation a priority and, while America is still the world leader, these countries are advancing quickly.

The Council for American Medical Innovation came together this year; its members share a common goal of adopting and promoting a national policy agenda aimed at preserving U.S. leadership in medical innovation. The Council is advocating for policy improvements that will, among other goals, increase incentives for investment in research, development and its application, and increase activity and investment in the life sciences — including:

• Fostering a legal and regulatory environment that protects intellectual property while encouraging collaboration.
• Expanding appropriate tax policies to ensure that medical innovation industries continue to innovate in America.
• Ensuring the strength of capital markets which are crucial for small companies to gain access to financing for continued innovation.
• Supporting regulatory reforms that can improve the process of developing and approving safe and effective drugs, biologics, medical devices and diagnostics.
  

Participants on this morning’s panel discussed the need to reduce unnecessary litigation and red tape, streamline regulatory processes, strengthen patent protections, and focus incentives on rewarding success in research and development. Participants in the forum included:

• Marc Boutin, J.D., Executive Director and Chief Operating Officer of the National Health Council
• The Honorable Edward Markey, U.S. Representative (D-MA) (invited)
• Greg Simon, Senior Vice President of Worldwide Policy, Pfizer Inc.
• Kelly Slone, Director of Federal Life Science Policy, National Venture Capital Association
  

“It is increasingly important to America’s health and economy that the U.S. maintain its role as a leader in scientific and technological innovation,” said Debra Lappin, president of the Council for American Medical Innovation, who offered welcoming remarks. “The world economy is becoming more focused on innovation, and countries that create infrastructures that support medical research and its application will succeed and flourish. By removing barriers to medical innovation and implementing incentives to encourage its growth, we can help strengthen the U.S. economy, provide good jobs, and improve public health.”

Video of the event will be made available at: www.americanmedicalinnovation.org. The Council has also hosted two other briefings on Capitol Hill in the past month, including “Translational Research: From Bench to Bedside” and “Education and Immigration – The Building Blocks of Innovation.” Video and recaps from these briefings are also available to view on the web site.

About the Council for American Medical Innovation

The United States faces serious challenges to maintaining its leadership position in innovation. The Council for American Medical Innovation is bringing together leaders in research, medicine, public health, academia, education, labor, and business, who are working in partnership toward a national policy agenda aimed at preserving U.S. leadership in medical innovation. American medical innovators create millions of high-paying jobs, and their discoveries are integral in the fight to cure cancer and other illnesses. The Council for American Medical Innovation views leadership in medical innovation as a key part of America’s economic recovery, future prosperity and health.

For more information on the Council for American Medical Innovation, visit www.americanmedicalinnovation.org.

Follow us on Twitter @Med_Innovation.

SOURCE Council for American Medical Innovation