INDIANA, (Indiana's NewsCenter) --- Spending money to make money.
Medical device makers, including the “Big Three” in Warsaw, are ready to pay more to get their products reviewed and to market faster.
The medical companies would be shelling out the money to the Food and Drug Administration.
An agreement calls for a payout of $595-million.
But medical device makers figure it's a very good investment.
Bloomberg News first reported that a host of companies, including those making artificial hips and knees like Zimmer, Biomet, and Depuy in Warsaw, have struck a deal to pay double the fees to federal regulators to secure faster and more predictable evaluations.
If approved by Congress, the agreement would allow the FDA to hire 200 full-time employees over five years, to try and address the agency’s slow approval process.
Mayor Joe Thallemer/(R) Warsaw: " The regulatory process has been somewhat of a hindrance in the past, albeit a very important part of the process. Safety is number one with our companies. But undue delays can really cost companies lots and lots of money."
Officials from Zimmer and Depuy were not available for comment on this new development.
The FDA stands to get more people out of this, but the agency can also expect to be held more accountable because of the deal.
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