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Alliance to push for medical innovation

The Boston Globe, September 8, 2010

Worried that pressure to control health care costs will lead to lower prices for drugs and medical devices, making it less attractive to invest in life sciences companies, a group of venture capitalists and entrepreneurs is set to launch a national alliance today to promote policies and regulations that favor US medical innovation.

The group, called the Medical Innovation and Competitiveness Coalition, or MedIC, will push for tax breaks and speedier approval of new products. It will be affiliated with the National Venture Capital Association, a trade organization representing investors in high-tech and life sciences start-ups, including hundreds in the Boston area.

MedIC coalition members fear the drive to control medical costs, combined with a lack of government incentives and a cumbersome approval process for drugs and devices, threatens the country’s long-held global leadership position in biotechnology, medical gear, and other life sciences niches.