Additional Reform Needed to Support Venture Investment in Medical Innovation
WASHINGTON, DC – The National Venture Capital Association (NVCA) today issued the following statement after the House of Representatives passed the 21st Century Cures Act, sponsored by Rep. Fred Upton (R-MI), Chairman of the House Energy and Commerce Committee, and Energy and Commerce Committee Member Rep. Diana DeGette (D-CO).
“On behalf of our nation’s life science investors who since 2006 have collectively invested over $101 billion into 4,494 companies working on cutting edge medical innovation, we applaud passage in the House today of the 21st Century Cures Act,” said Bobby Franklin, President and CEO. “Increasing funding for NIH, advancing precision medicine, and improving the environment for the development of life-saving drugs and treatments is critical to ensuring the U.S. remains the global hub of medical innovation.”
“As we celebrate this victory, we ask lawmakers to not lose sight of other reforms that can be made to support the growth of life science startups,” added Franklin. “Venture investment into the medical device and advanced diagnostics sectors continues to be under pressure due to the increased time, cost and uncertainty of developing new drugs, medical devices and advanced diagnostics because of the unpredictability of regulation and the uncertainty of reimbursement policies. And while improvements have been made in recent years, we do see room for further reform. We thank Chairman Upton and Rep. DeGette for their tireless leadership to advance the 21st Century Cures Act and ask Congress to keep the momentum going to create a more favorable environment for venture investment in life science companies.”