NVCA Launches Medical Innovation and Competitiveness (MedIC) Coalition

Venture Capitalists and Portfolio Companies Join Together to Preserve and Advance U.S. Medical Innovation


WASHINGTON, D.C.--(Marketwire - September 8, 2010) -  The National Venture Capital Association (NVCA) today announced the formation of the Medical Innovation and Competitiveness (MedIC) Coalition, a new alliance comprised of both venture capital firms and their life sciences portfolio companies. The MedIC Coalition will be a united voice in Washington D.C. advocating for policies and regulations that advance U.S. medical innovation and protect the country's global leadership position in the life sciences industry. The Coalition has three overarching goals:

  • Bring the importance of medical innovation to the forefront as the country implements healthcare reform

  • Establish new and preserve existing incentives for investors and entrepreneurs to develop and commercialize medical innovations in the U.S.

  • Achieve broad-based F.D.A. reform

"Medical innovation is a significant contributor to our national goal of increasing access to healthcare, improving the quality of medical care, and creating high quality jobs. Yet until now, innovation has been largely absent from the public discussion on healthcare reform," said Beth Seidenberg, MD, chairperson of MedIC and a general partner of Kleiner Perkins Caufield & Byers. "MedIC will address the rising concern that the U.S. is at risk of losing our leadership position in innovation and job creation due to increasing uncertainty in the regulatory and reimbursement processes, healthcare reform implementation and the capital markets. If we don't act now our increasingly formidable global competitors will."

As the United States struggles with these issues, foreign countries are providing incentives for innovators to complete their work overseas, build companies, and access capital markets. MedIC will be highlighting theses challenges and offering concrete regulatory and legislative solutions so that medical breakthroughs can continue to be pursued, high quality jobs created and US global leadership maintained.

"The U.S. healthcare system runs on innovation; if capital and incentives dry up, the whole system will suffer. This scenario could become a reality in the next decade as our current regulatory environment threatens to place our country at a disadvantage to foreign nations that are seeking to create more favorable conditions for innovators and investors," said Mark Heesen, president, National Venture Capital Association. "In some instances, breakthrough therapies have migrated overseas to take advantage of more innovation friendly environments. MedIC wants the United States to continue to be leaders in discovering, developing and commercializing innovation. The game is ours to lose and we have no intention of losing it."

"Historically, most of the breakthrough medical innovations in the United States have come from the start-ups and physician inventors," said Josh Makower, MD, chief executive officer of Exploramed and MedIC steering committee member. "Breakthroughs such as the pacemaker, angioplasty and pulse oximetry were once lab experiments brought to life by entrepreneurs and venture capitalists working together to improve the quality of life for millions. We are now joining forces to ensure that the U.S. regulatory environment allows for the next wave of medical innovations to reach the public market. As a physician, inventor and entrepreneur, I am thrilled to be a part of the MedIC Coalition and look forward to the important work that will be done."

Membership in MedIC is open to NVCA member firms and their life sciences portfolio companies. Additional information can be found at http://medic.nvca.org

About MedIC

Comprised of National Venture Capital Association member firms and their life sciences portfolio companies, the MedIC coalition advocates for policies and regulations that advance and support U.S. medical innovation. MedIC seeks to 1) educate policymakers on the critical role America's medical innovation plays in the U.S. healthcare system, 2) establish incentives for investors and entrepreneurs to drive medical innovations in the U.S. and 3) achieve broad based FDA reform so that breakthrough technologies can be brought to market more efficiently. More information on MedIC can be found at medic.nvca.org.

About National Venture Capital Association

The National Venture Capital Association (NVCA) represents approximately 425 venture capital firms in the United States. NVCA's mission is to foster greater understanding of the importance of venture capital to the U.S. economy and support entrepreneurial activity and innovation. According to a 2009 Global Insight study, venture-backed companies accounted for 12.1 million jobs and $2.9 trillion in revenue in the United States in 2008. The NVCA represents the public policy interests of the venture capital community, strives to maintain high professional standards, provides reliable industry data, sponsors professional development, and facilitates interaction among its members. For more information about the NVCA, please visit www.nvca.org.

Contact Information:

Contact:
Channa Brooks
Tenor Communications
202-641-6959