Earlier this month, on June 4th and 5th, St. Paul hosted DeviceTalks Minnesota – where medical device and technology industry leaders came together to share perspectives and network with the best of the best in the industry.
One of the featured speakers was they Mayor of St. Paul, Melvin Carter, III. Mayor Carter spoke about the need for business and technology to constantly be improving and innovating to stay competitive. He also highlighted many of the developments that have occurred in St. Paul as one of the anchors of Medical Alley.
Late last week President Donald Trump instructed the United States Trade Representative to implement tariffs on $50 billion of goods imported from China. Although several groups – including Medical Alley Association – urged the President to remove medical technology and related components from the tariff list, over $835 million of these goods will be subject to a 25% tariff beginning on July 6, 2018.
Shortly after these tariffs were announced, China vowed to retaliate with similar levies on goods brought in from the United States. These tariffs will be on similar products to the U.S. tariffs and of similar value. Notably, the initial list of goods does not contain medical devices. These products are part of a second set of $16 billion (the first group totals $34 billion, for a total of $50 billion) that will have tariffs announced at a later date.
Medical Alley Association continues to advocate for the removal of medical technology and related components from the tariff list. We are in close contact with the Minnesota congressional delegation – several of whom signed a letter last month to the Administration urging removal of these products – and our national partners on strategy moving forward. We will keep you updated as this progresses.
This October, Medical Alley is co-hosting an exciting new annual event bringing together the best and brightest minds in healthcare around the future of health. MANOVA is four-day summit will explore best practices, showcase innovations and breakthroughs in healthcare, and explore new ideas for improving the global health and wellness ecosystem around the globe. The MANOVA programming lineup will feature keynote speakers and topical sessions, including: Global Best Practices in Healthcare, The New Consumer Landscape for Health and Wellness, Disruptive Ideas and Emerging Trends in Medicine and Health, Environmental Challenges in the Health Industry.
For more information, or to register, click here.
Two new programs aimed at bringing critical innovations to market more quickly have recently launched and Minnesota’s health technology companies are in perfect position to take advantage of them!
The first, open to medical device, diagnostic, and digital health companies, is an FDA Innovation Challenge aimed at preventing and treating opioid use disorder. Companies can submit novel designs or can show that their existing device “has an improved benefit-risk profile as compared to opioids in the management of pain.” Companies selected for the program will get to work directly with FDA to speed up both the development and review of their potential solution.
The challenge runs until September 30 and there will be an informational webinar on July 25 for companies interested in addressing one of the most pressing public health challenges in recent history. For more information, including submission guidelines and post-submission timetable, take a look at the challenge announcement on the FDA Website.
The second program comes out of the Minnesota Department of Employment and Economic Development and is a competitive loan program for early-stage companies. The Minnesota Innovation Loans for Entrepreneurs program, launched earlier this week, provides interest-free loans from $20,000 to $50,000 with no payment required in the first year to startups developing high tech solutions here in Minnesota (or with plans to relocate to the state.)
Companies in search of capital for “intellectual property development, proof of concept activities, commercialization planning, prototype design, market feasibility studies and other startup activities as approved by DEED” should check out the program criteria and apply through DEED.