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U.S. Biomedical Leaders Present Leaders on Capitol Hill with New National Strategy for Innovation
Date:11/16/2011

unding mechanisms, regulatory incentives, public-private collaboration and educational leadership to incorporate VdE principles into the U.S. biomedical device industry.

"We believe PAVE has the promise to marry American ingenuity and innovation to meet a great challenge of our generation: to create a dynamic new device industry strategy that leads to better, yet less expensive health care," Dr. Douglas said.

Dr. Schramm urged Congress to support "an extremely important effort to spur national innovation."

"The need to improve innovation outcomes is more important than ever given the state of the U.S. economy," he said. "We believe that this will be a tool to stimulate the bioinnovation economy, encouraging start ups and investments that will be fundamental to America's future economic growth."

Dr. Douglas and his colleagues initiated the effort around VdE in March, when they convened a national Safe Haven Summit in Washington, D.C. Industry-leading organizations including the Cleveland Clinic, Johns Hopkins University, Massachusetts Institute of Technology, Mayo Clinic, Medtronic, Orthopaedic Research Laboratories, Stanford University and The University of Akron participated.

To determine how best to implement the VdE approach nationwide, biomedical sector leaders will hold an industry summit in Akron, Ohio, in April. Hundreds of executives and researchers in the biomedical device sector are expected to attend to discuss VdE and how to apply it using the PAVE blueprint.

"To remain competitive, biomedical companies in the United States must begin to adopt Value-driven Engineering principles throughout their innovation processes," Dr. Kumar said during the briefing. "This will be one of the main ways for U.S. healthcare companies to continue to be at the forefront of medical device innovation, to maintain America's status of being a major net exporter of medical technologies, and to create jobs in various sectors, including e
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SOURCE Austen BioInnovation Institute in Akron
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