Medical-Device Venture Capitalists Go To Washington (WSJ Blog)
Health care-focused venture capitalists have long been telling anyone on Capitol Hill who will listen that problems at the Food and Drug Administration are stifling innovation and deal flow, as they say the agency is inconsistent and vague on the rules for approving new medical technologies.
But a recent trip to Washington by a group of top life sciences investors – which calls itself the Medical Device Venture Council – showed that some power brokers inside the Beltway might be taking up the battle cry.
Some lawmakers – especially those who represent areas of the country where large medical-device companies are headquartered – are catching on to the seriousness of the situation, in part because VCs can now document cases of American businesses going for approval and sales overseas, and shunning the uncertainty and long wait times in the U.S., said Mike Carusi, a partner at Advanced Technology Ventures and a member of the council. Carusi spoke to VentureWire this week.
Q: First of all, who makes up this council of investors, and when was it formed?
A: It’s an informal group that started in late 2008. We just had our fir...
