Mr. Chairman, I have an amendment at the desk. Mr. Chairman, I yield myself such time as I may consume. Mr. Chairman, my amendment would add medical technology to the list of commercialization and research topics that deserve special…
Mr. Chairman, I have an amendment at the desk.
Mr. Chairman, I yield myself such time as I may consume.
Mr. Chairman, my amendment would add medical technology to the list of commercialization and research topics that deserve special consideration for SBIR funding.
According to a recent census study, 71 percent of medical device companies have less than 10 employees, small businesses. Despite the small size of these companies, they have a tremendous impact on our economy. Each medical technology job has been shown to create an additional two jobs by creating the need for secondary positions such as technicians and repairmen and by purchasing other inputs of production.
Each medical technology payroll dollar generates an additional $1.12 in payroll to account for the increased number of positions and skills required to fill these jobs, and each dollar of medical technology sales generates an additional 90 cents in sales in that State by providing more citizens with disposable income.
While startup costs are high for many of these new technologies, they do pay dividends down the road once the products get to market. We should help these companies by getting the funds they need into their hands so they can bring new lifesaving technologies to market.
The current challenge right now is that these are high-risk/high- reward investments. This amendment will go a long way to providing these firms with needed capital to continue innovating. In the last 10 years alone, there has been an 80 percent increase in patents for breakthrough medical technologies, and we must help these products get to market.
One such company recently testified before the Small Business Committee on the SBIR program; it was MicroTransponder. In their testimony at the committee, they outlined how they have used the SBIR funds to develop treatments for chronic pain and other neurological disorders, including traumatic brain injury, posttraumatic stress disorder, motor disorders, autism, and others. Taken together, these conditions affect over 50 million people in the U.S. and represent a cost of over $100 billion annually.
Mr. Chairman, as Congress moves towards health reform legislation, we should also consider ideas that are cost efficient and cost effective. Not only
does medical technology create jobs and increase life expectancy, it also shows to reduce costs in countless cases.
So as the medical technology industry continues to grow and expand, we need to make sure that patients will see these benefits on an increasingly efficient basis that is more affordable and that are lifesaving technologies. That is why this amendment makes sense to target these resources.
Mr. Chairman, I reserve the balance of my time.
Mr. Chairman, I thank the leadership, on a bipartisan basis, for their support of this amendment.
I would like to yield 2 minutes to an avid guitar player and staunch supporter of maintaining the United States' status as a world leader in medical technology, the gentleman from Tennessee (Mr. Roe).
Mr. Chairman, I yield back the balance of my time.