.floatimg-left-hort { float:left; } .floatimg-left-caption-hort { float:left; margin-bottom:10px; width:300px; margin-right:10px; clear:left;} .floatimg-left-vert { float:left; margin-top:10px; margin-right:15px; width:200px;} .floatimg-left-caption-vert { float:left; margin-right:10px; margin-bottom:10px; font-size: 12px; width:200px;} .floatimg-right-hort { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 300px;} .floatimg-right-caption-hort { float:left; margin-right:10px; margin-bottom:10px; width: 300px; font-size: 12px; } .floatimg-right-vert { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px;} .floatimg-right-caption-vert { float:left; margin-right:10px; margin-bottom:10px; width: 200px; font-size: 12px; } .floatimgright-sidebar { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 200px; border-top-style: double; border-top-color: black; border-bottom-style: double; border-bottom-color: black;} .floatimgright-sidebar p { line-height: 115%; text-indent: 10px; } .floatimgright-sidebar h4 { font-variant:small-caps; } .pullquote { float:right; margin-top:10px; margin-left:10px; margin-bottom:10px; width: 150px; background: url(http://www.dmbusinessdaily.com/DAILY/editorial/extras/closequote.gif) no-repeat bottom right !important ; line-height: 150%; font-size: 125%; border-top: 1px solid; border-bottom: 1px solid;} .floatvidleft { float:left; margin-bottom:10px; width:325px; margin-right:10px; clear:left;} .floatvidright { float:right; margin-bottom:10px; width:325px; margin-right:10px; clear:left;}
Health care and the economy rank among the most important conversations taking place today in Iowa and across the nation. Americans are eager for solutions that improve the lives of their families and strengthen their communities. We all can rally behind a common link that supports recovery from both a wellness and fiscal standpoint: medical innovation.

Basic numbers say a lot. Health care represents 17 percent of our nation’s gross domestic product and is an industry expected to generate 3 million new jobs between 2006 and 2016 — adding positions while other industries are shedding them. Iowa has identified bioscience as one of three sectors where the state will focus new development efforts, and for good reason.

Effective medical innovation can have a powerful ripple effect. A healthier society translates to a more productive work force, and this combination results in a more thriving economy. Today, chronic diseases not only put countless lives at risk, but have a direct correlation to mounting state costs to treat these conditions. The Iowa Department of Public Health reports that seven out of every 10 deaths in Iowa are tied to chronic disease, and 23 percent of deaths are from cancer. A new invention or product could go a long way toward combating chronic disease, and national estimates suggest that a mere 1 percent reduction in cancer mortality rates could be valued at $50 billion; a cure could result in savings of nearly $50 trillion.

Incentives are the driving forces to break down barriers and deliver on innovation. A comprehensive policy agenda involving tax incentives, fair legal processes and capital markets is key to fostering cutting-edge research and development.

Budget allocations for education also must be a top consideration. We owe it to our youths to enforce strong K-12 science and math programs that set the stage for a highly skilled and trained work force.

Higher education also goes hand-in-hand with research and innovation. Booming academic institutions and research hospitals are working on the cures of tomorrow, while feeding directly into local communities and businesses – a pro-growth opportunity for strategic, profitable relationships.

Unfortunately, the best-case scenario is not always reality. Today the U.S. share of patents and the number of individuals with advanced degrees in science and engineering are decreasing compared with the rest of the world. Our students are being outperformed by those in other nations in math and science.

We cannot sit by and watch our country lose its competitive edge at home and in the international science community. It’s important to not only listen to thought leaders and experts promoting the merits of innovation, but also to consider what’s at stake and one’s own role in the conversation. It’s time to focus on innovation and work together to achieve the results our country deserves.

Doug Reichardt is the chairman of Innovate Iowa; David Norton is the group pharmaceuticals chairman at Johnson & Johnson.