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Chairman Williams: “Stifling Innovation: Examining the Impacts of Regulatory Burdens on Small Businesses in Healthcare”
WASHINGTON, D.C. – Today, the House Committee on Small Business is holding a full committee hearing titled “Stifling Innovation: Examining the Impacts of Regulatory Burdens on Small Businesses in Healthcare.”
Chairman Williams’ opening statement as prepared for delivery:
Good morning, and welcome to today’s hearing which will focus on how overregulation in the healthcare industry limits small firms’ competitiveness and stifles innovation.
I’d like to start off by thanking our witnesses for joining us today. Your attendance is greatly appreciated, and we value your input on these important issues.
We have consistently heard how overregulation is preventing some of our best and brightest entrepreneurs from innovating and trying new things. We have heard this from many different industries, and today we will examine how these efforts can stifle innovation in the healthcare industry.
The FDA is responsible for protecting the public’s health by ensuring the safety and efficacy of new pharmaceutical drugs as well as medical devices. There is a lot of responsibility that goes along with this authority. For obvious reasons, we want to make sure that the medicines people are taking are going to be fulfilling their intended purpose. However, there is always a tradeoff from these decisions. If the FDA shies away from any and all risk, it will significantly limit innovation and make it harder for small businesses to make an impact in the healthcare industry. The balance between risk and innovation is a fine line, but we must be able to maintain it.
This Committee knows that small businesses are at the tip of the spear across the economy when it comes to innovation in any industry. The healthcare industry is not an exception. Developing a new drug can take more than a decade and bring with it an extremely high price tag. Unfortunately, on top of the cost of development, small businesses have to spend significant time navigating the FDA’s bureaucratic process. This presents a significant barrier to entry for Main Street.
Navigating red tape does not only hamper what drugs come to market, but also how doctors are treating patients. In a hearing we held earlier this year, we heard from a doctor who was serving as a witness say they only spend 12 percent of their day focusing on direct patient care. The other 88 percent is spent complying with government and private insurance requirements. Doctors want to treat, cure, and innovate, not spend time on bureaucratic red tape.
This issue is very personal to me. My wife is currently undergoing treatment for glioblastoma. Throughout this process, I have heard countless stories from Americans looking for cures and learned about many of the challenges in bringing new treatments to the marketplace. As a small business owner, I know the potential that lies within Main Street America today; and we just need to make sure they can operate in an environment that allows them to flourish.
I am looking forward to today’s discussion and hope this hearing shines a light on the burdensome red tape currently restricting our small firms and providers.
I’d like to once again thank our witnesses for being here with us today. I’m very much looking forward to our conversation.
With that, I will yield to our distinguished Ranking Member from New York, Ms. Velasquez.
Chairman Williams’ opening statement as prepared for delivery:
Good morning, and welcome to today’s hearing which will focus on how overregulation in the healthcare industry limits small firms’ competitiveness and stifles innovation.
I’d like to start off by thanking our witnesses for joining us today. Your attendance is greatly appreciated, and we value your input on these important issues.
We have consistently heard how overregulation is preventing some of our best and brightest entrepreneurs from innovating and trying new things. We have heard this from many different industries, and today we will examine how these efforts can stifle innovation in the healthcare industry.
The FDA is responsible for protecting the public’s health by ensuring the safety and efficacy of new pharmaceutical drugs as well as medical devices. There is a lot of responsibility that goes along with this authority. For obvious reasons, we want to make sure that the medicines people are taking are going to be fulfilling their intended purpose. However, there is always a tradeoff from these decisions. If the FDA shies away from any and all risk, it will significantly limit innovation and make it harder for small businesses to make an impact in the healthcare industry. The balance between risk and innovation is a fine line, but we must be able to maintain it.
This Committee knows that small businesses are at the tip of the spear across the economy when it comes to innovation in any industry. The healthcare industry is not an exception. Developing a new drug can take more than a decade and bring with it an extremely high price tag. Unfortunately, on top of the cost of development, small businesses have to spend significant time navigating the FDA’s bureaucratic process. This presents a significant barrier to entry for Main Street.
Navigating red tape does not only hamper what drugs come to market, but also how doctors are treating patients. In a hearing we held earlier this year, we heard from a doctor who was serving as a witness say they only spend 12 percent of their day focusing on direct patient care. The other 88 percent is spent complying with government and private insurance requirements. Doctors want to treat, cure, and innovate, not spend time on bureaucratic red tape.
This issue is very personal to me. My wife is currently undergoing treatment for glioblastoma. Throughout this process, I have heard countless stories from Americans looking for cures and learned about many of the challenges in bringing new treatments to the marketplace. As a small business owner, I know the potential that lies within Main Street America today; and we just need to make sure they can operate in an environment that allows them to flourish.
I am looking forward to today’s discussion and hope this hearing shines a light on the burdensome red tape currently restricting our small firms and providers.
I’d like to once again thank our witnesses for being here with us today. I’m very much looking forward to our conversation.
With that, I will yield to our distinguished Ranking Member from New York, Ms. Velasquez.
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