(Saint Petersburg, FL - August 2, 2011)

During the past year, numerous small medical device and pharmaceutical companies claimed that FDA's slow approval of new device and pharmaceutical products have forced them out of business. In fact, some medical device companies are launching their products in Europe first, where the bar for approval is set a bit lower than with FDA. These new devices do not typically reach the U.S.market until approximately two years after they launch in Europe.

In response to these concerns, the FDA recently announced plans to implement an "entrepreneurs-in-residence" program where small business executives would serve as liaisons between the agency and the small business community. This program will focus on innovation and will highlight ways the agency can help accelerate development of new therapies. Attention will be directed to small companies with on average fewer than 50 employees.

According to Jonathan Lewis, Principal at Advanced Biomedical Consulting, a leading FDA compliance consulting firm, "improved interactions between the agency and industry is a top concern, and that FDA needs to continue to develop and implement similar programs to improve both patient care and the U.S. economy."

Along with the entrepreneurs-in-residence program, the FDA will offer fellowships to business and science students interested in starting their own companies. The agency is also looking for ways to collaborate with the Small Business Administration (SBA).

 (Saint Petersburg, FL - August 2, 2011)