Today the NVCA announced the formation of the Medical Innovation and Competitiveness (MedIC) Coalition, a group of venture capitalists and their portfolio companies dedicated to preserving and advancing medical innovation in the United States.  You can read about the Coalition in our press release or visit the MedIC website for additional information regarding its leadership, action plan and structure.

MedIC brings together key voices from the life sciences start-up community to collectively assert that the United Statesis in danger of losing its leadership position in the area of medical innovation to overseas competitors.  With the implementation of healthcare reform underway, now is the time to ensure that innovation is not left on the cutting room floor.  The Coalition comprises NVCA members who have been working on these issues for quite some time as well as the entrepreneurs and innovators who have the stories to tell regarding real challenges at the FDA and CMS. If the environment for approving novel technologies and obtaining fair pricing on these innovations does not improve, the funding for medical breakthroughs will dry up and American patients will suffer.

In the coming months, MedIC will engage in research which evidences the issues and offer solutions to our most pressing medical innovation challenges.  We at the NVCA believe the threat is indeed serious enough that it needs a sharp focus – one which a stand alone coalition will bring.

Charter membership in MedIC is now open to all NVCA member firms and all venture-backed life sciences portfolio companies in the United States.  A nominal, tiered dues structure will fund MedIC advocacy efforts.   We encourage all eligible firms and companies to join the cause and help preserve such an important contributor to our quality of life and our economy.  

Questions regarding MedIC should be directed to Kelly Slone at kslone (at) nvca (dot) org or 703-778-9275.