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We in America have a new president with a decidedly “America First” platform.
Will it help American medtech?
From the December 2016 LIMEDex Index:
• Stricter oversight of public spending with an “America first” bias could significantly affect procurement policies. Focusing only on cost of acquisition instead of long-term value via cost effectiveness or quality outcomes seems averse to the stated goals of the ACA.
• Increased on-shoring of production could erode the bottom line. It might cause US firms to re-evaluate the supply chain and drive repatriation of manufacturing to the US. For foreign companies it could trigger the need to make foreign direct investment to increase “US-based” production.
• Growth in exports is expected to slow down due to a stronger USD, higher uncertainties in trade agreements, and fierce competition.
The full report (free, no signup) at http://bit.ly/conceplus
ConCep+, the healthcare value chain think tank and strategy consultancy that authored the paper, did their quarterly survey of medtech managers and found North America, particularly USA, slipped from 2nd to a “least growth” (6th) region this quarter.
Do you share these medtech managers’ concern?
Will an “America First” policy help or hurt the US medtech industry?
As a corollary, will Brexit help or hurt the UK medtech industry?
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But I agree with you on this. Many have long complained about regulatory accretion, which exacts a substantial economic burden on medical device development and deployment.
Europe made its CE approval regulations more sensible and streamlined than FDA regs. As a result, many first-time device approvals moved from the US to Europe, together with many manufacturing jobs.
“America First” is all about, among other things, making the US the best place for manufacturing and development, including medical devices.
“America First”, in Trump’s own words, is for America to represent its own interests at least as well as do our more clever trading partners. (cf. TPP) Less imbalance; more a negotiated trading equity. So radical economic isolation seems very unlikely, since trade is the goal.
In America and in UK, the electorate has made a decision toward self-government in the international arena. Very American. Very British. I think we will make it work.
Not to distract, but the Elephant In The Room may be American business tax, the highest in the world, creating an economic force, constantly pushing trade away from our shores. Bringing taxes in line with our trading partners will make doing business in America an outstanding proposition, overwhelming zero sum concerns, even on tax revenues.
For me personally, the really interesting question is who, if anyone, has thought through this any further than Point A, or any deeper than the ink signature on the EO.
If so, then Putting America First would seem to hinge on logic of bringing those jobs back in country due to import tax offsetting cheaper labor.
We as are better humans and smarter than this…. American is going backwards
Sam Rutigliano, MBA
Sashi Bhushan Karmwar
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