The 2020 presidential election is just over a year away, and it’s no surprise that with over 20 current democratic presidential nominees, there are opinions on everything from health care to hot sauce.
When it comes to medtech's market and future growth, what the candidates say about the FDA, current approval procedures, and oversight gives a glimpse towards how they would affect the sector should they win the presidency.
Unsurprisingly, the front runners in the field have given more of an insight into the changes they’d make that could shift the industry. This two-part series looks at what those candidates are saying, and what the implications are for manufacturers and investors.
Elizabeth Warren (D — Mass) is one of the leading candidates, and also one of the most outspoken when it comes to regulation and oversight in healthcare-related industries. In a June letter to the acting FDA Commissioner, Warren addressed concern about a proposal that would allow for devices to reach the market faster in sectors where those devices are most needed with a “conditional” approval standard; the candidate's letter addressed a fear about reduced standards for safety and performance.
Amy Klobuchar (D — Minn) has made it a past priority to help streamline and support the medtech industry, including being an opponent to a 2.3% device excise tax implemented as part of the ACA. However, during her candidacy, Klobuchar seems to have avoided the topic, making it unknown if her industry support would continue during a presidency.
Joe Biden has also long been a supporter of the medical industry and driving research and development forward. As Vice President, Biden became a huge proponent of failed medical innovator Theranos, which is perhaps why he has mostly avoided the issue as a candidate.
Bernie Sanders (I — VT) is the candidate that has done the most to disrupt the current medical industry with his Medicare for All proposal. While other candidates have since backed similar policies, Sanders started to legitimize the idea in the previous election; and as it becomes a potential reality, medtech stocks and investors could begin to see the effects.
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