Milken Institute Report on Biomedical Industry Underscores Need for National Medical Innovation Agenda
Milken Institute report: The Global Biomedical Industry: Preserving U.S. Leadership
WASHINGTON, DC (September 22, 2011)– The United States’ leadership in the biomedical field is poised to falter unless federal lawmakers act to implement policies that will improve our global competitiveness, attract investment on our shores and cultivate the necessary workforce, according to a report issued today by The Milken Institute. The report, “The Global Biomedical Industry: Preserving U.S. Leadership,” chronicles the nation’s efforts to establish its leadership in this field and highlights why that leadership is now eroding.
"This study is another critical element in the Council for American Medical Innovation’s efforts to develop a national medical innovation agenda. The report will build greater awareness among federal policymakers of how the nation’s policy decisions more than two decades ago established the United States as the global biomedical leader,” said Former House Majority Leader Dick Gephardt, co-chair of CAMI. “This leadership has resulted in significant value to both the health of our economy and the health of our citizens, but without significant policy changes in the near term, America’s long term biomedical leadership will diminish.”
The Milken Institute study provides a historical perspective on the policies enacted in the 1980s that catapulted the U.S. to the global leader in biomedicine, resulting in an industry that accounts for 5.3 millions jobs, or 4 percent of non-farm jobs in the United States today. The report offers a compelling comparison between those policy decisions made by the U.S. and the ones being made today in countries like China, India, Singapore and Japan – countries that are poised to become serious competitors to the United States in this industry.
Policy decisions in the areas of taxes, STEM education, academic and industry partnerships, and funding for Federal research and regulatory agencies like NIH and FDA are outlined as ways for the U.S. to adjust its course and maintain or improve its global medical innovation leadership.
“Our nation’s continued leadership in biomedicine and medical innovation holds great potential for this country. It expands well beyond the amazing cures and treatments that can prolong, save and improve the lives of millions of Americans – medical innovation has the capacity to bring real value to the health care system, improve productivity and spur economic prosperity at a time when the United States needs it most,” said Governor Mike Leavitt, co-chair of CAMI. “This report helps make the case that investment in medical innovation is not only necessary, but will bring value to the nation for decades to come.”
For more information on the Council for American Medical Innovation and to view the report, visit www.americanmedicalinnovation.org.
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Media Contact: Teresa Schofield, 202-347-7516, teresa.schofield@americanmedicalinnovation.org
Global Biomedical Industry: Preserving U.S. Leadership - Factsheet
Global Biomedical Industry: Preserving U.S. Leadership - Executive Summary and Research Findings
Global Biomedical Industry: Preserving U.S. Leadership - Full Report
