FDA's Revolving Door: Crawford Out, von Eschenbach In
This article was originally published in RPM Report
National Cancer Institute director Andrew von Eschenbach has succeeded Lester Crawford as FDA commissioner. We spoke to three Wall streeters--two sell-side, one buy side--about what the succession means for investors.
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When Mark McClellan became FDA commissioner in late 2002, he brought with him a cadre of like-minded managers and policy advisors. Many were economists; all were advocates for private-sector innovation. Most have departed from FDA. Their departures may have some short-term political benefits for the agency; but they leave a legacy of economic interest in the way FDA works and affects society.
FDA Commissioner Andrew von Eschenbach is poised to remain head of the agency, either in an acting role or as the White House nominee, through the end of the second Bush term. Other candidates were interviewed-including drug safety expert Ray Woosley, MD, but the administration appears to be happy with the job the National Cancer Institute Director is doing.