The FDA should innovate to respond to new health economy, says PwC survey

Health care product manufacturers are now much more willing to have their products judged based on economic as well as clinical value compared to in 2010, according to a survey by global professional services firm PwC.

The company’s latest report, The FDA and industry: A recipe for collaborating in the New Health Economy, has analyzed the changing practices and shifting attitudes towards the US Food and Drug Administration. There are now increased pressures for quick access to breakthrough drugs and devices, and a greater focus on economic value as well as medical benefit. The report speculates that these changing needs could have a knock-on effect on the FDA itself and encourage it to evolve to fit them.

Mike Swanick, global pharmaceuticals and life sciences leader at PwC, said: “To meet 21st century demands for innovation, it will be important for drug and medical device manufacturers to collaborate with the FDA to consider changes to the regulatory framework. While recognizing the FDA’s investments to improve its relationships with manufacturers and speed drug and device delivery, manufacturers still want greater flexibility in product development and review.”