An article published by Entrepreneur.com in January 2014 shares that, “Between 2008 and 2013, regulation went from being small business’s fourth most important problem — after sales, taxes and the cost/availability of insurance — to being its biggest difficulty.”

To address the issue of regulation in Utah, the Salt Lake Chamber has convened a series of regulation round table events that will take place on a quarterly basis. These round table events continue the discussion on regulation that happened with the first Solutions Summit in 2014.

You can read about the first round table here.

The Relationship Between Regulation and Life Sciences

The second Chamber round table was hosted in conjunction with BioUtah and USTAR on September 15, 2015, focusing on Utah’s Life Sciences Cluster. The round table was moderated by Chris Gamvroulas, who serves as chair of the Salt Lake Chamber’s public policy committee, Kelly Slone, president and CEO of BioUtah, and Ivy Estabrook, executive director of USTAR.

Regulation plays an important role in the economy. Ideally, it is meant to create a level playing field for business while protecting public safety and the environment.

The Life Sciences industry is one of the most regulated business sectors and navigating the complexity of regulation that is applied to products in the pharmaceutical, biologics, medical device, diagnostics and health information technology fields is not an easy task.

Takeaways

Attendees of the round table concluded that a stable and business-friendly regulatory climate promotes economic development, and continuing conversations between professionals in the life science cluster and regulators is necessary.

Specifically, it is beneficial for Utah companies in this sector to work together, including the state’s federal delegation, to ensure that smart regulation will continue to ensure growth for these firms.

Utah business leaders and the Salt Lake Chamber support regulation that reduces burden, encourages capital investment, removes uncertainty, improves transparency and protects the public and the environment.

More to Come

This series is part of the Chamber’s efforts to promote smart regulation, and will allow a collaborative environment between government and business to discuss regulatory issues and productive solutions.

If you are interested in attending the next Salt Lake Chamber regulation round table, please contact Michael Parker, public policy area director at mparker@slchamber.com

Additionally, please consider attending the Utah Solution Summit, which will continue the conversation of Utah’s regulatory environment.

You can register here.