The Global Biomedical Industry: Preserving U.S. Leadership
Executive Summary & Research Findings – Ross C. DeVol, Armen Bedroussian, and Benjamin Yeo, September 2011
“Biomedical innovation is an intricate process that begins in the lab and spans years of effort to transform scientific discoveries into vaccines, diagnostics, devices, and therapies that improve patients lives. Overthe past few decades, the United States has created and refined a remarkably productive framework for developing new biomedical innovations and bringing them tothe marketplacein fact, its one of the most dramatic success stories written by any American industry in the past century. Whether measured by international or domestic market share, revenue, jobs, number of regulatory approvals, patents, R&D expenditures, or publications in the biomedical field, the U.S. holds a commanding position…But U.S. industry leadership, so carefully cultivated over the past 30 years, is eroding. Europe and Japan areworking to close the gap, while China, India, and Singapore have made impressive strides. In addition toimproving the quantity and quality of their scientific research, competing nations are developing mechanismsto support entrepreneurs and strengthen commercialization. They are also instituting regulatory reforms and a range of public policies to improve incentives for innovation. These efforts are part of larger economicdevelopment plans that increasingly focus on cultivating biomedical innovation for its economic contributions and high-wage jobs.”
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