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Tech Firms Wading Into Health Care Regulations | The Journal Gazette

But the tech giants that have famously disrupted so many industries are now facing their own unexpected disruption: regulation. Google co-founder Sergey Brin recently expressed his frustration with the complex web of rules that govern the field. Health is just so heavily regulated, Brin told industry executives in July. Its just a painful business to be in. Still, tech entrepreneurs are pumping money into efforts to reshape health care, a $2.7 trillion market. Venture capital funding for companies in the digital health space surpassed $2.3 billion in the first half of 2014, more than the $1.9 billion raised in all of 2013, according to venture firm Rock Health. But before tech companies can turn Americas smartphones into portable medical suites, they must meet the rigorous standards of the Food and Drug Administration, which has long been the gatekeeper to the U.S. health market. Its not hard to find the source of the clash between freewheeling Palo Alto and buttoned-down Washington. This is a culture war, says Steve Grossman, a longAtime FDA consultant to companies. Silicon Valley is used to just bringing their products straight to the market, and any regulatory scheme that involves scrutiny and delay is alien to them. To be sure, tech companies have tussled with Washington before over issues such as online privacy and intellectual property.
Source: http://www.journalgazette.net/article/20140914/BIZ/309139910/-1/BIZ09

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