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CCC Chairman Charles A. Reinwald attends meeting of the Alliance for a Stronger FDAIn conjunction with a meeting held on January 27, 2009, Cancer Cure Coalition chairman Charles A. Reinwald commented as follows to Wayne Pines, chairman of the Alliance for a Stronger FDA: “I think under your leadership the Alliance has done a great job in helping get more funding for the FDA. Unfortunately that agencys performance has not improved commensurately. I believe it important that the commissioner to be appointed by President Obama bring major policy changes to the agency. The Biotech industry is being crippled by the difficulty in getting new products approved and by the current credit crunch. The billion dollar cost in getting FDA approval has driven away investors. Companies with new treatments for serious illnesses are often forced to abandon their developments. Many are going out of business because of their inability to raise money. Development of new health products is increasingly going overseas. A report in the January 1st edition of Genetic Engineering News stated that 57% of U.S. venture capital firms invested overseas in 2008, with most investments going to China followed by India, Canada, UK and Israel. Seventy-eight percent (78%) of the money invested in China came from foreign investment dollars. Without an improvement in the FDA, this trend will continue. Because of FDA rules requiring the Agencys approval, most of the drugs developed overseas will not reach the United States.” Mr. Reinwald also noted that at the meeting many of the members of the Alliance called for greater accountability of the FDA. The CCC is continuing its own work toward that end.
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