The precompetitive technologies developed jointly in such collaborations are clearly destined for commercial use and, thus, these arrangements must be carefully crafted to create the appropriate balance between cooperation and competition. The U.S. Commerce Department has worked hard to ensure adequate protection of intellectual property rights, and to develop frameworks that ensure balanced contributions and equitable benefits. The Intellectual Manufacturing Systems Program was ground-breaking in the development and testing of such a framework for multilateral cooperation, and we hope it will serve as a model for other international initiatives. Second, nations must recognize that the globalization of technology has important implications for their domestic policies. For example, the U.S. Food and Drug Administration's product approval process and export regulatory requirements are critical issues affecting U.S. exports of medical equipment and supplies.
Recent data show a significant increase in overseas investment by medical device firms.
Finally, with the globalization of capital, labor and technology, countries everywhere are striving to attract these engines of wealth creation to their shores, help them grow, and keep them within their borders. In the U.S., we have taken a number of measures to make our country a more attractive place to do business. For example, we are working toward deficit reduction and a balanced budget to free up capital for private sector investment. The recently passed telecommunications reforms will unleash a tidal wave of investment, creativity and new technology that will further buttress the U.S. lead in the Information Age. And the President and Vice President have championed the cause of modern infrastructure through the National Information Initiative, generating interest, excitement and investment across the nation.