Michael Milken, Chairman of Milken Institute and FasterCures, set the plenary discussion by noting that while the economy in the U.S. continues to struggle, this year marks the third largest year of wealth creation in the world, supported in part by growing healthcare industries in up and coming economies such as India and China. As global research capabilities grow and blossom, we’re losing precious jobs and momentum here at home.

This new research paradigm requires cross-sector collaboration in order to survive, and government and industry are more committed than ever before to pre-competitive partnerships. Despite what Josh Sharfstein, the Principal Deputy Commissioner of the FDA, characterizes as significant under-funding, the FDA is unwavering in its commitment to collaborate with the both the private sector and public health communities. Sharfstein indicated that one of the top priorities of the FDA is to become more transparent and to get out in front of the research curve, paving the way for cures and educating industry and the public about why and how the FDA does what it does.

“The excitement about doing more is palpable” said Sharfstein, about the FDA’s plans to more closely collaborate with other government agencies such as CMS. “Our bottom line is the patients.”