In the fall of 2011, a remarkable group of leaders came together to find new ways of overcoming the barriers that have prevented more progress in medical research. The meeting brought together forward-thinking leaders in medicine, business, and government who pledged to rethink the way research in the sector is conducted, the way risks are assessed and the way companies are structured. Participants included leaders from DARPA, the U.S. Food and Drug Administration, GE Global Research, Kleiner Perkins Caulfield & Byers, the National Institutes of Health, Quintiles, Sanofi, the X Prize Foundation, and many more.
Participants focused on ways to jumpstart innovation in the biosciences and accelerate the process of turning scientific discoveries into therapies -- from harnessing the power of crowdsourcing to creating multidisciplinary networks to establishing open collaboration and safe-harbor environments in medical research and development.
The report provides important context on the need to spur greater advances in medical research and lays out dozens of actionable policies, including:
• Supporting public-policy initiatives that bolster U.S. leadership in biomedical research and innovation
• Revamping the U.S. tax code to encourage investment in biomedical research and development
• Streamlining and modernizing the FDA's regulatory review processes
• Providing U.S. visas for students with potential to contribute to medical research
• Expanding funding for high-risk, early-stage research projects
• Investing more resources in science, technology, engineering, and math education programs
This ambitious event was a successful first step toward a long-term revival of innovations that will save lives. An Advisory Committee on Biomedical Innovation, co-chaired by Michael Milken, Chairman of the Milken Institute, and Chris Viehbacher, CEO of Sanofi, is being convened to begin implementing the key recommendations detailed in this report.