How Can Partnerships Spur On Medical Device Innovation Despite Federal Funding Cuts?
Regardless of what happens with the fiscal cliff, medical device companies that depend on government research grants should expect and prepare for the fact that funding from federal sources will continue to be harder to find.
Cuts to programs such as the National Institutes of Health could hampermedical device innovation, suggests an article on the Birmingham Business Journal website. The article examines what cuts could mean for biotech firms.
Federal research funding is crucial for ongoing technological innovation, says Raj Singh, CEO of Vivo Biosciences, a company that grows small organs for pharmaceutical testing.
“Those programs are critical for companies like us so we can take innovative ideas to the market and grow our business,” Singh tells the Birmingham Business Journal. Since Vivo started in 2004, the Birmingham, Ala., company has received $5.4 million in grants from the National Institutes of Health and NASA. According to Singh, losing such funding could halt research projects.
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