{"id":1433,"date":"2017-04-11T18:24:46","date_gmt":"2017-04-11T22:24:46","guid":{"rendered":"http:\/\/mcnair.bakerinstitute.org\/blog\/?p=1433"},"modified":"2020-10-15T11:56:52","modified_gmt":"2020-10-15T15:56:52","slug":"medical-device-startups-and-the-fda","status":"publish","type":"post","link":"https:\/\/www.edegan.com\/articles\/medical-device-startups-and-the-fda\/","title":{"rendered":"Medical Device Startups and the FDA"},"content":{"rendered":"

Does the FDA approval process impede innovation?\u00a0Medical devices<\/a> must be reviewed for\u00a0safety and effectiveness by the Food and Drug Administration\u00a0before being marketed in\u00a0United States, which encompasses\u00a043 percent<\/a> of the global market for medical devices.\u00a0Startups in the medical device industry are often dissatisfied<\/a> with this approval process, favoring the FDA’s\u00a0European Union peer, CE Marking. Some founders<\/a>\u00a0even believe the time consuming and expensive FDA process “holds back the entire industry<\/a>.”<\/p>\n

Classification of Medical Devices<\/h3>\n

The FDA classifies<\/a> medical devices based on their associated risks. Class I devices, like enema kits and elastic bandages, have minimal potential for harm and are typically exempt from the regulatory process. Devices that present medium risk, like contact lenses, are classified as Class II and carefully reviewed. Class III devices, such as pacemakers and replacement heart valves, are the highest risk devices, subject to the most regulatory controls.<\/p>\n

\"Blood<\/p>\n

The FDA categorizes devices based on their function, not their underlying technologies. These categorizations may cause unnecessary delays by imposing\u00a0regulatory requirements on\u00a0technologies that have\u00a0already been tested. Ariel Dora Stern of Harvard Business School<\/a> found that for devices based on the same technologies, those\u00a0placed in already existing product categories took less time to approve than those placed in new categories.<\/p>\n

Premarket Processes<\/h3>\n

There are two FDA processes required of medical devices in different classifications: \u00a0Premarket Notification 510(k) and Premarket Approval (PMA).<\/p>\n

Most Class I and Class II devices can be marketed after receiving 510(k) clearance. It demonstrates that the device is \u201csubstantially equivalent\u201d to a device already on the market. Those devices that can be paired with substantial equivalents or \u201cpredicate devices\u201d do not require a PMA. The 510(k) clearance tends to take around 200 days<\/a> and costs much less than PMA.<\/p>\n

PMA is required for new Class III high-risk devices. Companies need to submit evidence that provides reasonable assurance that the device is safe and effective. The PMA can take more than 450 days<\/a> and include the ongoing costs of clinical trials among other expenses.<\/p>\n

The clinical study stage often takes as long as the initial concept development stage. Josh Makower, Aabed Meer and Lyn Denend at \u00a0Stanford University surveyed over 200<\/a> medical device companies\u00a0and found that it took the companies an average of 31 months from first communication with the FDA to receive 510(k) clearance and 54 months for PMA. 81 percent<\/a> of survey respondents believed\u00a0that the FDA has a difficult time with novel technologies. Stern also found that the first device in any given category took\u00a034 percent<\/a> longer to receive approval\u00a0than the next device in that category,\u00a0leading to an average delay of 7.2 months<\/a>.<\/p>\n

Hefty Expenditures<\/h3>\n

Makower et al.\u00a0found the average total cost to bring a low- to moderate-risk 510(k) product from concept to clearance was $31 million<\/a>, with $24 million spent on FDA-related activities. For a higher-risk PMA product, the cost became $94 million, with $75 million spent on FDA requirements. Approximately\u00a050 percent<\/a> of medical device exits (acquisitions or IPOs) are under $100 million; 75 percent are under $150 million. As the cost of getting to market approaches the average exit value, the funding equation looks less attractive to venture capitalists.<\/p>\n

Obstacles to True Innovation<\/h3>\n

It is likely that companies sometimes compromise and pursue the less risky yet also less innovative 510(k) route. They make relatively simple extensions to low-risk product lines already in existence. The FDA typically evaluates more than 4,000<\/a> 510(k) notifications and about 40<\/a> original PMA applications each year. This means that only one percent of devices are innovative, new medical technologies that require clinical data to get FDA approval.<\/p>\n

Challenges Facing Small Companies<\/h3>\n

Startups face particular challenges in navigating the FDA regulatory process. More than\u00a080 percent<\/a> of the 6,500 medical device companies in the U.S. have\u00a0fewer than 50 employees. According to the industry-wide survey, 72 percent<\/a> of small companies submit new products. Only 35 percent of large companies do this. The total average review time for small companies is 330 days<\/a>, as opposed to 177 days for large companies. However, Stern found that privately-held firms with revenues under $500 million made up only 14 percent<\/a> of FDA submissions for follow-on devices and 7 percent for novel devices.<\/p>\n

CE Mark\u00a0or FDA?<\/h3>\n

The EU represents 31 percent<\/a> of the global medical device market, which has a projected value reaching $544 billion<\/a> by 2020. Access to both the American and European markets gives startups 74 percent of the global market, worth $400 billion. Attempting both FDA approval and CE Mark approval simultaneously is not feasible for most companies<\/p>\n

In 2012, a Boston Consulting Group study found that most PMA medical devices were available in Europe 3 years<\/a> earlier than in the U.S. Makower et al.\u00a0found\u00a0it took medical technology firms\u00a0an average of\u00a0seven months<\/a> to get CE Mark clearance and 11 months to get PMA for the EU. Approximately two-thirds<\/a> of small medical device companies obtained clearance in Europe first. The number one reason is the unpredictability of 510(k) requirements, according to a comprehensive industry-wide survey<\/a> conducted by John H. Linehan and Jan B. Pietzsch at Northwestern University.<\/p>\n

The difficulty of obtaining FDA approval also makes it harder for startups to raise VC funding. In 2012,\u00a0BCG<\/a> interviewed venture capitalists on medical device investments\u00a0and\u00a0found that some investors would not invest in a medical device startup unless the company received\u00a0a CE Mark and promised consequent revenues in Europe.<\/p>\n

<\/h4>\n

Conclusion<\/h3>\n

The value and importance of FDA approval are undeniable. However, policymakers should examine whether the lengthy and expensive FDA approval process is necessary. The FDA might consider reducing the length of the process for all applicants. It might also help if the FDA accommodates startups\u2019 specific needs. This can be done by granting subsidies to small businesses, offering expedited paths to truly novel and needed technologies and providing equipment or space for conducting clinical trials to innovative startups.<\/p>\n","protected":false},"excerpt":{"rendered":"

Does the FDA approval process impede innovation?\u00a0Medical devices must be reviewed for\u00a0safety and effectiveness by the Food and Drug Administration\u00a0before being marketed in\u00a0United States, which encompasses\u00a043 percent of the global market for medical devices.\u00a0Startups in the medical device industry are often dissatisfied with this approval process, favoring the FDA’s\u00a0European Union peer, CE Marking. Some founders\u00a0even…<\/p>\n","protected":false},"author":17,"featured_media":1509,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[149,422],"tags":[275,26,152,274,123,278,37,273,277,18,16,161,94,222,114],"class_list":["post-1433","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-government-policy","category-mcnair","tag-ce-mark","tag-entrepreneurship","tag-fda","tag-food-and-drug-administration","tag-government","tag-health-care","tag-innovation","tag-medical-devices","tag-medicine","tag-policy","tag-regulation","tag-startups","tag-stem","tag-technology","tag-us-policy"],"featured_image_urls_v2":{"full":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",2146,3272,false],"thumbnail":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1-200x150.jpg",200,150,true],"medium":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1-197x300.jpg",197,300,true],"medium_large":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",2146,3272,false],"large":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1-672x1024.jpg",672,1024,true],"1536x1536":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",1007,1536,false],"2048x2048":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",1343,2048,false],"post-thumbnail":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",1200,1830,false],"twentytwenty-fullscreen":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",1980,3019,false],"yarpp-thumbnail":["https:\/\/www.edegan.com\/articles\/wp-content\/uploads\/2017\/04\/EDK_Pump_1.jpg",79,120,false]},"post_excerpt_stackable_v2":"

Does the FDA approval process impede innovation?\u00a0Medical devices must be reviewed for\u00a0safety and effectiveness by the Food and Drug Administration\u00a0before being marketed in\u00a0United States, which encompasses\u00a043 percent of the global market for medical devices.\u00a0Startups in the medical device industry are often dissatisfied with this approval process, favoring the FDA’s\u00a0European Union peer, CE Marking. Some founders\u00a0even believe the time consuming and expensive FDA process “holds back the entire industry.” Classification of Medical Devices The FDA classifies medical devices based on their associated risks. Class I devices, like enema kits and elastic bandages, have minimal potential for harm and are typically exempt…<\/p>\n","category_list_v2":"Government and Policy<\/a>, McNair Center<\/a>","author_info_v2":{"name":"Iris Huang","url":"https:\/\/www.edegan.com\/articles\/author\/irish\/"},"comments_num_v2":"0 comments","yoast_head":"\nMedical Device Startups and the FDA - Ed Egan<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.edegan.com\/articles\/medical-device-startups-and-the-fda\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical Device Startups and the FDA - Ed Egan\" \/>\n<meta property=\"og:description\" content=\"Does the FDA approval process impede innovation?\u00a0Medical devices must be reviewed for\u00a0safety and effectiveness by the Food and Drug Administration\u00a0before being marketed in\u00a0United States, which encompasses\u00a043 percent of the global market for medical devices.\u00a0Startups in the medical device industry are often dissatisfied with this approval process, favoring the FDA’s\u00a0European Union peer, CE Marking. 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