Medical device makers will double how much they pay the Food and Drug Administration--to $595 million from $295 million--in a deal for faster product reviews over the next five years, Bloomberg News reported Wednesday on its website, citing two unnamed sources.
The new pact, which must be authorized by Congress, replaces the previous deal that expires on Sept. 30, according to the report.
The FDA has said it will use any added money to increase evaluation staff, the report said.
An FDA spokeswoman, Karen Wiley, said both sides are "close to an agreement," while a spokeswoman for the Advanced Medical Technology Association, the industry's Washington lobby, declined comment, the report said.
Full Story: http://www.bloomberg.com/news/2012-01-31/device-makers-said-to-double-fda-fees-to-get-quicker-product-reviews.html