FDA: Spending cuts will delay product approvals

Medical device and drug companies stand to face major delays in FDA approvals for their products if the $85 billion in federal spending cuts kicks in as expected on March 1 and if the dreaded "sequestration" sticks. Bloomberg reports how all the various arms of government will be hit by the cuts, and an FDA spokesperson confirmed the impact. Beyond delays in product approvals themselves, the lack of a budget deal prevents implementation of the updated FDA user fee agreement. The deal, hashed out over the summer, doubled device industry fees paid during the regulatory approval process so the FDA could revamp its process into something faster and more transparent. Story

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