As discussed over these pixelated pages, the effects of the Obama healthscare are percolating down. Now the EETimes reports that, “As many as three-quarters of venture capitalists are exiting the health care field as the total pool of venture capital decreases and regulatory hurdles increase.”
Medical electronics companies face increasing hurdles getting funding and regulatory approval to bring new technologies to market, according to executives at a medical device event here.
“We’re in a bit of a perfect storm right now with some of the worst things I’ve seen in 30 years,” said Eamonn Hobbs, chief executive of DelCath Systems and chairman of the Medical Device Manufacturers Association (MDMA), host of the event.
As many as three-quarters of venture capitalists are exiting the health care field as the total pool of venture capital decreases and regulatory hurdles increase, said Kevin Wasserstein, managing director of Versant Ventures (Menlo Park, Calif.) which focuses on health care.
“Even entrepreneurs have started to retreat from pursing big ideas [in health care], and we risk as an industry evolving to incrementalism and safer projects,” said Wasserstein.
Some of the about 100 medical devices executives gathered here complained about what they said was an increasingly conservative and slow-moving U.S. Food and Drug Administration. The chief executive of one medical device company said his product is approved for sale in Europe, but is still waiting on an FDA OK to begin clinical trials.
UPDATED: (Sept. 21): Big Biz Was Once Small, Dah! What do you know, Bernie Marcus, Home Depot co-founder, was once the owner of a small business. How can that be? (Yeah, Obama … and the Republicans are idiots).
Yes, big business was once small. Through the democratic vote of the consumer, a small concern grows and grows to become a big, invariably, bad business. (Irony alert.)
Democracy practiced in the free market is the only democracy worth a dime. Let’s destroy the only honest democracy we have: the free market.