| NVCA’s Medical Industry Group Launching Formal Subgroup Focused on Preserving the U.S. Medical Innovation Ecosystem |
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The healthcare system in the United States is going through a major transformation driven by the passage of healthcare reform and the new leadership in Washington including new leaders at HHS, FDA, CMS and the CDC. Medical innovation in the U.S. driven by entrepreneurs and supported by venture capital funding is one of the key differentiators between the U.S. healthcare system and other healthcare systems around the world. In response to these important macro-changes, the NVCA is creating a formal subgroup under NVCA’s Medical Industry Group (MIG). The new coalition will consist of venture capital firms who invest in or are interested in the life sciences and venture-backed life science companies. The new coalition will focus on preserving and driving entrepreneurial medical innovation in the United States. The key objective will be to establish knowledge of and communicate the uniqueness of the medical innovation ecosystem. The coalition will focus on raising awareness and gaining public support for the critical importance of medical innovation to the U.S. health care system and U.S. job creation. We believe that the best way to do this is through a coordinated effort with venture-backed lifescience companies and to partner with other advocacy groups including patients, consumers, and industry that have similar positions and interests on medical innovation. This will ensure a coordinated and consistent message and leverage collective resources/efforts. The new coalition (a formal name has not be finalized) recently established a Steering Committee and Advisory Board (see members below), which include VC’s and entrepreneurs. The Steering Committee will establish the annual budget and key priorities. There will be a $3,000 annual fee for each venture firm and portfolio company interested in becoming a member of this new coalition. These fees will be separate from NVCA's membership fee and managed by the coalition’s Advisory Board under NVCA's MIG. The coalition is in the process of developing a strategic regulatory and legislative plan for the next two years that will focus on educating federal policy makers; improving the FDA regulatory process for novel therapies and medical technologies; insuring that new cost effectiveness initiatives preserve innovation; and revitalizing the medical innovation ecosystem and accelerate U.S. job creation.
Steering Committee
Advisory Board |
