The Medtech Resource Alliance (MRA), of which Talencio is a member, recently released the findings of its August 2012 survey of Minnesota’s Medtech industry leaders. The survey indicates industry leader dissatisfaction with regard to regulatory difficulties and significant time to clear products to market. The consequences are significant for Minnesota’s Medtech industry and its effect on the state’s economy.
The complete findings of the MRA study paint a vivid picture of Minnesota’s medtech future if the FDA does not change. According to the study:
- 64% of respondents voiced an unfavorable impression of the industry because of regulatory difficulty posed by the FDA, citing an uncommonly long approval process (28-76 months on average) to clear products for market stifles the industry’s ability to innovate and be competitive.
- 36% of leaders would not invest in the medical device industry; over half indicated their growth strategies are focused outside of the United States with 40% focused on Europe and 12% in developing markets.
- 85% medtech leaders said the US regulatory environment has negatively affected their ability to create jobs and 35% said future job growth for their company will occur outside the United States.
Our experience at Talencio supports these leaders’ regulatory frustrations. Since Q1 of 2009, our contract staffing of clinical research and regulatory professionals has grown 3x. Due to the necessary level of expertise and the high market demand, these professionals are becoming increasingly hard to find without contract service providers.
The medtech industry’s impetus to move jobs and investment overseas is a harsh reality for Minnesota. To read more from Minnesota’s medtech leaders, read this MRA article.