Penn Wharton Public Policy Initiative

Publication Date

2-2016

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Volume

4

Number

2

Document Type

Brief

Summary

Are FDA premarket trials on new drugs and medical devices excessive and do they inhibit consumer access to new and much-needed technologies? Or may they actually be insufficient and expose consumers to too much risk? To address this question, the new research described here compares the regulatory approaches of the U.S. and the European Union for second and third generation coronary stents. The research supports the FDA’s argument that reductions in their standards for device approval would reduce consumer welfare. Nevertheless, the research also suggests that in some circumstances, FDA reform proposals advocating for more relaxed premarket requirements but enhanced post-market surveillance would yield considerable welfare gains.

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Creative Commons License
This work is licensed under a Creative Commons Attribution-Noncommercial 4.0 License

Keywords

FDA, medical, device, regulation, consumer, access, risk, technologies, premarket, trials

The FDA and the Regulation of Medical Device Innovation: A Problem of Information, Risk, and Access

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