Venture capital will tell its story – A study questions whether policymakers understand the role the industry plays in medical breakthroughs.

"More than 100 million Americans have benefited from venture-backed medical innovations developed during the past 20 years," a survey commissioned by the industry lobbying group reported last week.

Venture capital has nurtured medical advances such as angioplasty, ultrasound, MRI, and the cancer drug Herceptin in their fragile early stages, the survey said. These and several other health-care innovations received more than $50 billion in venture capital funding over the last two decades, the survey said, $5 billion last year alone.

But why bring this up now?

Because the venture-capital industry is worried that policymakers and members of this Congress just don’t know how the industry works, said Mark G. Heesen, president of the venture association.

Federal allocations to research and development are likely to be "on the chopping block" as Congress looks to trim spending, Heesen said.

By Porus P. Cooper

Inquirer Staff Writer

For the full story: http://www.philly.com/mld/philly/business/10347773.htm?1c