How the FDA Reform Bill Promotes American Innovation & Job Growth
Later today, the House will consider the Food & Drug Administration Reform Act, legislation which will facilitate the review and approval of life-saving and life-improving drugs and medical devices. Notably, the bill also will help foster new job creation here in the United States by removing government barriers to economic growth. The House Energy & Commerce Committee, chaired by Rep. Fred Upton (R-MI), outlined how the bill will also help promote an environment for American innovation and job growth:
The United States has led the global medical device and biopharmaceutical industries for decades. This leadership has made the U.S. the medical innovation capital of the world, bringing hundreds of thousands of high-paying jobs to our country and life-saving devices and drugs to our nation’s patients.
“U.S. medical device-related employment totals over two million jobs, and these are good, rewarding jobs as employees in the device industry earn an average of $60,000 per year. The U.S. biopharmaceutical industry is responsible for over four million U.S. jobs.
“Unfortunately, our nation’s device and biopharmaceutical leadership is under threat. Because of the lack of predictability, consistency, transparency and efficiency at the Food and Drug Administration, U.S. device and drugs jobs have gone overseas and foreign patients, not U.S. patients, have been the first to benefit from U.S. innovation
“Legislation to reauthorize FDA user fees will ensure continuation of various FDA programs and the creation of new ones to facilitate the review and approval of life-saving and life-improving drugs and medical devices. As part of the agreement, FDA will commit to certain performance goals, fostering more interaction, predictability, and certainty between industry and FDA. The legislation also includes reforms to ensure patients receive quality care and timely access to new therapies while promoting innovation and job creation.”
The measure is part of those “GOP plans to promote jobs this summer.” Next week, the House will consider legislation repealing ObamaCare’s medical device tax, another element of the president’s health care law that’s making it harder for small businesses to hire new workers. Also of note in the coming weeks and months, House Republicans will consider additional legislation to (1) address high gas prices that have doubled on President Obama’s watch; (2) impose a moratorium on new federal regulations to provide certainty to job creators; and (3) stop the coming tax hike on small businesses that is due to hit on January 1, 2013. It’s all outlined in a memo released last week by Majority Leader Eric Cantor (R-VA) detailing a an upcoming legislative calendar that is “heavy on jobs.”
Americans are still asking “where are the jobs?,” and instead of working together, the president and Senate Democrats are still blocking nearly 30 House-passed jobs bills that would promote confidence and help get our economy back on track. In the meantime, Republicans will keep focusing on the Plan for America’s Job Creators, which you can learn more about by going to jobs.GOP.gov.