US must innovate to prosper in globalised market; Obama

By Nick Taylor

- Last updated on GMT

Related tags Barack obama

The US must improve innovation and education to prosper in the new globalised, outsourced operating environment, according to President Obama.

Technological advances and globalisation have dramatically changed the business environment. In the US, these factors have contributed to “the shuttered windows of once booming factories​” and the nation must respond, said President Barack Obama in the State of the Union Address.

China and India realised that with some changes of their own, they could compete in this new world. And so they started educating their children earlier and longer, with greater emphasis on math and science. They're investing in research and new technologies​”, said Obama.

In response, Obama said the US needs “to out-innovate, out-educate, and out-build the rest of the world​”. To boost innovation investments will be made in a number of high technology areas, including biomedical research.

The Pharmaceutical Research and Manufacturers of America (PhRMA) responded to this point. In its statement PhRMA said: “We believe that medical innovation specifically will continue to play a crucial role in advancing patient health and spurring economic growth in the US​.”

More than innovation

The Society of Chemical Manufacturers and Affiliates (SOCMA) also welcomed the focus on innovation but said this must be accompanied by appropriate regulation. “Innovation creates opportunity and prosperity while regulation consumes them​”, said Larry Sloan, CEO of SOCMA.

Obama referred to regulation. "I've ordered a review of government regulations. When we find rules that put an unnecessary burden on businesses, we will fix them. But I will not hesitate to create or enforce commonsense safeguards to protect the American people​”, said Obama.

Related news

Show more

Related products

show more

How Sponsors Reduce Chaos in Decentralized Trials

How Sponsors Reduce Chaos in Decentralized Trials

Florence Healthcare | 08-Mar-2023 | Insight Guide

89% of research sponsors currently use and expect to continue the use of decentralized technologies and methods, according to our state of the industry...

The Complexities of Ophthalmic Drug Development

The Complexities of Ophthalmic Drug Development

Altasciences | 04-Oct-2022 | Technical / White Paper

Ophthalmic drug development comes with a unique set of challenges that can be mitigated by working with an end-to-end solution provider with regulatory...

How clinical trial software can optimize trials

How clinical trial software can optimize trials

Formedix | 20-Jun-2022 | Technical / White Paper

This article explains the different types of clinical trial software available, and how it can be used to optimize the end to end clinical trials design...

Related suppliers

Follow us


View more