The US Food and Drug Administration (FDA) has joined forces with the new Medical Device Innovation Consortium (MDIC), created by biomedical science trade association LifeScience Alley, to create a public-private partnership and advance regulatory science.
Based on the medical device community needs, MDIC, an independent, nonprofit corporation, will fund projects to help simplify the process of medical device design and get access to new medical device technologies.
It is hoped that the alliance will help reduce the time taken to bring medical devices to market.
FDA commissioner Dr Margaret Hamburg was quoted by CBS News as saying that several small businesses medical device companies don't have sufficient research budgets to evaluate the products.
"The new group would pull information and ideas from industry, government and academia," Hamburg said.
The new organisation will also research new ideas for developing new tools, models and methods, which can be utilised to efficiently evaluate new devices.
FDA Center for Devices and Radiological Health director Dr Jeffrey Shuren said; "By sharing and leveraging resources, MDIC may help industry to be better equipped to bring safe and effective medical devices to market more quickly and at a lower cost."