Originally Published MX May/June 2002
BUSINESS NEWS
Fore!Nearly two thirds (61%) of the cancer specialists responding to a poll sponsored by the Competitive Enterprise Institute (Washington, DC) believe that FDA is too slow in approving new drugs and medical devices. More than half (58%) said FDA should not restrict information about off-label uses of approved drugs or devices.
During 2001, 610 privately held healthcare ventures received $7.1 billion in venture capital according to the 2002 Healthcare Venture Capital Report by Growthink Research (Venice, CA). Biotech and pharma companies pulled down 40% of the total; device companies received 26%.
Home medical equipment giant Invacare Corp. (Elyria, OH) has launched a $5 million marketing campaign featuring golf legend Arnold Palmer. The direct-response TV spots are designed to encourage older and disabled individuals to stay active by using the company's products.
Abbott Laboratories (Abbott Park, IL) is in the process of acquiring the cardiovascular stent business of Biocompatibles International plc (Farnham, Surrey, UK) for approximately $234.5 million in cash.
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