MedTech is the hub of the bioscience and medical technology industry in New York State, giving members a voice that's as dynamic as the industry they represent. New York State’s Bio/Med firms require a favorable regulatory and political environment to compete against other states and countries. MedTech strives to create and maintain such an environment to make New York an organized, nationally-recognized and thriving region for the Bio/Med industry.
MedTech advocates for active support from elected and appointed leaders in government, business and the community. We promote our members and the State's Bio/Med industry throughout New York, the United States and the world.
MedTech works directly with members to identify key issues impacting our membership at the state and federal level. MedTech's government and public affairs committee develops a legislative agenda annually, supporting job creation and economic growth within our industry in New York State. As part of this effort, MedTech aims to build and strengthen relationships with regional legislators, Assembly and Senate leadership and federal officials through concentrated outreach.
Issues Impacting Members
Access to Capital
Access to capital is a critical component of commercial innovation and new company development. Policies that facilitate capital formation or incentivize capital investment for Bio/Med entrepreneurs will ultimately help grow the country’s Bio/Med ecosystem and the creation of jobs.
Bio/Med companies face a number of challenges, including aggressive competition abroad as foreign nations incentivize innovation with aggressive tax credits and tax-friendly environments. In the midst of this global competition, U.S companies face higher tax rates, reimbursement hurdles and prolonged regulatory review times. NYS companies are especially challenged, with the State consistently ranked as one of the most difficult business climates to thrive in.
Education and Workforce
A knowledge-based industry cluster like the biosciences requires the right blend of ingredients for a thriving innovation ecosystem. Perhaps most critical in this mix is a robust talent pipeline. The biosciences require a highly-skilled workforce that spans a range of innovation-driving occupations. Innovation and technology breakthroughs in new therapeutics, diagnostics, medical devices, or other bioscience-related areas require a core workforce that has depth of education and experience.
Funding basic research at universities and non-profit research institutions helps drive Bio/Med innovation and development. This funding is critical to the development of processes, protocols and products to address unmet healthcare needs.
The development cycle for most products in the Bio/Med industry is long and costly. Additional resources are needed to support the translation of ideas from the laboratory to the health care market place and overcome the “valley of death” that so many nascent technologies and companies face.