US leadership in global biomedical industry vulnerable to international competition

The USA still holds a commanding position in the biomedical field, but countries across Europe and Asia are pursuing aggressive plans to close the gap. They are investing heavily in research, improving access to capital for biotech start-ups - and taking a page from the US playbook as they standardize their regulatory regimes and offer better incentives for innovation, notes a new report from the USA-based independent think tank the Milken Institute.

Multiple factors leave the US vulnerable to growing international competition: increasing complexity, rigidity and uncertainty in the Food and Drug Administration's approval process (especially with regard to medical devices); funding cuts; and tax policies that are not globally competitive. But Washington can take steps to help the US biomedical industry retain its competitive edge, the report states.