Council for American Medical Innovation Commends President Obama's Call to Invest in Education and Innovation

Council for American Medical Innovation Commends President Obama’s Call to Invest in Education and Innovation

WASHINGTON, D.C. (September 22, 2009) - The Council for American Medical Innovation commended President Obama for his remarks yesterday at the Hudson Valley Community College in Troy, New York.  The President called for renewed investment in “and dedication to“ what he called the building blocks of innovation: education, infrastructure and research.

President Obama announced his ambitious goal to regain America’s leadership in education by having the highest proportion of college graduates in the world by 2020.  To ensure access to quality education and help teach a new generation of innovators, Mr. Obama promised to increase Pell Grants, create a tax credit for college tuition, and strengthen community colleges across America.

The President also repeated his commitment to dedicate a full three percent of America's Gross Domestic Product into research and development.  He declared that America needs to strengthen its commitment to research, including basic research, which has been badly neglected for decades. 

That's always been one of the secrets of America's success “putting more and more money into research to create the next great inventions, the great technologies that will then spur further economic growth," said President Obama.  "The fact is, though, basic research doesn't always pay off immediately. It may not pay off for years. When it does, the rewards are often broadly shared, enjoyed by those who bore its costs – but also by those who didn't pay a dime for that basic research.  That's why the private sector generally under-invests in basic science.  That's why the public sector must invest instead.  While the risks may be large, so are the rewards for our economy and our society.”

The President acknowledged that, in addition to education and research, other challenges stall innovation in America, and incentives to create “competitive and vibrant markets” are needed to promote innovation.

“Policies that increase incentives for investment in research, development and its application and ensure a highly skilled and trained work force in the United States will not only benefit medical innovation, but spur job creation and economic recovery as well,” said Dick Gephardt, chairman of the Council for American Medical Innovation.  “The fact that President Obama understands this and is making education and innovation priorities is an important step in the right direction.  The Council for American Medical Innovation is looking forward to supporting his efforts.”

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

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