Minnesota ranks fourth in the nation in the number of jobs provided through the medical technology industry, with over 18,000. These are high-paying jobs that strengthen the economy in the Third District and the state as a whole. Moreover, the innovation and research performed by these companies often lead to new, better and sometimes life-saving health care technologies for those in need.
As a co-chair of the House Medical Technology Caucus, I am well aware of the positive impact Minnesota’s medical technology industry has on the health of our citizens, as well as our overall economy.
Research and development is at the heart of medical technology. Today, I authored an amendment aimed at expanding innovative health care research and technological advances.
The amendment, which was added to The Enhancing Small Business Research and Innovation Act of 2009 that passed the House this afternoon, adds medical technology to the list of commercialization and research topics that deserve special consideration for federal research funding. This will help smaller medical technology companies, who face major challenges in terms of up front research and development costs, continue to bring new and better technologies to our health care portfolio.
Not only does medical technology help save lives and increase life expectancy, it has been shown to reduce costs in countless cases. Providing a mechanism for Minnesota’s small businesses and medical technology companies to fund research projects, clinical trials and new technologies will only improve health care quality and lower overall costs for Americans.