NEW YORK, NY--(Marketwire - May 25, 2012) - A recent plan to speed up reviews of new drugs and medical devices will look to benefit companies in the Medical Devices Industry. "To get lifesaving drugs and devices to the patients that need them as quickly as possible, Congress must give the Food and Drug Administration the tools it needs to review and approve these products," Senate Majority Leader Harry Reid stated on the Senate floor. Five Star Equities examines the outlook for companies in the Medical Devices Industry and provides equity research on Boston Scientific Corporation (NYSE: [ BSX ]) and MELA Sciences, Inc. (NASDAQ: [ MELA ]).

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A $6.4 billion plan to speed up FDA reviews of new drugs and medical devices is now a step closer to becoming law as it has now been moved to the Senate. The Senate was expected to vote earlier this week on roughly $2 billion in new fees that drug and medical device companies will pay to regulators over the next 5 years for review of their products according to a recent Bloomberg article. Generic-drug companies, who were previously exempt from such fees, make up $1.56 billion. Fees for brand-name drug companies over the five-year period will increase 6 percent to $4.1 billion, and more than double for device makers to 609 million, according to the Congressional Budget Office's cost estimate.

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Boston Scientific recently announced the U.S. Food and Drug Administration approval and market launch of the Epic Vascular Self-Expanding Stent System. The Epic Stent is designed to open blocked arteries in patients with iliac artery stenosis, a form of peripheral vascular disease associated with severe leg pain caused by insufficient blood flow.

MELA Sciences is a medical device company focused on the design, development and commercialization of non-invasive tools to provide additional information to dermatologists during melanoma skin examinations. The company's flagship product, MelaFind, is intended to be used when a trained dermatologist chooses to obtain additional information to help decide whether to biopsy certain clinically atypical pigmented skin lesions. The FDA has approved MELA Sciences' MelaFind Pre-Market Approval application for use in the United States.

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