Biomedical innovation, preserving global health
The United States leads the world in biomedical industry, but unless we protect the environment for biomedical innovation, the country’s lead may vanish. A recent study conducted by the Milken Institute found that reducing barriers to biomedical innovation in our country will help maintain our global leadership in this industry and secure jobs while making much-needed forward progress. The study, titled "The Global Biomedical Industry: Preserving U.S. Leadership," suggests several actions at the state and national levels to improve the environment for biomedical innovation:
- Extend support for emerging biomedical research fields by building human capital for biomedical innovation.
- Continue to promote and expand the role of universities by adopting best practices in technology transfer and commercialization to increase biomedical innovation.
- Increase research and development tax incentives and cut corporate tax rates to match the Organization for Economic Co-operation and Development (OECD) average.
- Provide adequate resources for the Food and Drug Administration and the National Institutes of Health to expedite regulatory reviews and clinical trials and leverage existing strengths in medical devices.