ANN ARBOR, Mich., Jan. 30 /PRNewswire-USNewswire/ -- In a letter to Governor Jennifer Granholm today, MichBio Executive Director, Stephen Rapundalo, Ph.D., responded to the Governor's State of the State Address wherein she called for a repeal of current tort laws. MichBio is the statewide association for Michigan's life sciences industry.
"MichBio lauds your efforts, and those of the legislature, to diversify the state's economy by focusing on high technology areas like life sciences," said Rapundalo, writing on behalf of MichBio's more than 230 members. "However, a repeal of existing tort laws would be a detriment to the life sciences industry, would reverse 10 years of steady growth, neuter the economic development impact of the 21st Century Jobs Fund, and without a doubt diminish future investments in this market sector."
Rapundalo indicated that biotechnology and life science companies face many difficult challenges, a risk-averse investor climate, and lengthy and costly research and development timelines.
"Reversing current law would send a strong message that Michigan is not open for business, forcing new and existing biotech companies to look elsewhere to invest. Companies will not pursue their R&D plans with the knowledge or potential for litigation waiting for them at the end of their commercialization pathway. Repeal will result in a loss of current Michigan jobs and discourage any future biotech business investments and job creation in Michigan."
Noting that drugs and medical devices are the most regulated products
around, Rapundalo said, "Less than 1/100 of a percent of potential
medications investigated survives the FDA regulatory review gauntlet and
become product launches. The contention that lay juries with no medical or
science training, or understanding of the new drug application process, are
better judges of relatively brief testimony, as opposed to the 12-18 month
exhaustive review by experts in the field, is i
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