Medtronic plc. (NYSE:MDT) and Abbott Laboratories (NYSE:ABT) shares are trading lower on Wednesday after the U.S. Food and Drug Administration (FDA) established a Digital Health Advisory Committee.
What To Know: The FDA’s stated purpose of the committee is to, “help the agency explore the complex, scientific and technical issues related to digital health technologies (DHTs), such as artificial intelligence/machine learning (AI/ML), augmented reality, virtual reality, digital therapeutics, wearables, remote patient monitoring and software.”
The committee will play an advisory role to foster the creation of safe and effective digital health technologies, as well as innovation in the field, by offering relevant expertise and point-of-view. The committee is expected to be fully operational in 2024.
“As one of our strategic priorities, our goal is to advance health equity in part through expanding access by bringing prevention, wellness and healthcare to all people where they live – at home, at work, in big cities and rural communities,” said Jeff Shuren, director of the FDA’s Center for Devices and Radiological Health.
“Digital health technologies are critical for achieving this transformation in care delivery. As digital health technologies advance, the FDA must capitalize on knowledge from inside and outside of the agency to help ensure we appropriately apply our regulatory authority in a way that protects patient health while continuing to support innovation.”
Related Link: PepsiCo Shines Amid Volatility: Analyst Consensus Points To Solid Earnings But Volume Growth Concerns Linger
MDT, ABT Price Action: At the time of publication, shares of MDT were down 4.86% at $72.48 while shares of ABT were down 5.13% at $92.55, according to Benzinga Pro.
Image by Marijana from Pixabay
