The Food and Drug Administration recently warned the Google-backed (GOOG) genetic testing company 23andMe to stop selling and marketing its home saliva test kits. The FDA says the company has not received regulatory clearance for these “medical devices,” which cost $99 and claim to provide users with information about their health, lineage and genetic makeup.
Some critics argue that this is an example of the type of regulatory overreach that impedes innovation, entrepreneurship, and ultimately the economy.
One of those critics is CNBC Senior Editor John Carney.
“At every step when you invent something new, the government too often seems to be standing there saying ‘woah buddy, let's spend time checking this out’,” Carney tells us in the accompanying video. “I can understand that with certain things. If you’re going to invent a new kind of plane, we probably don’t want that falling onRead More »from 23andMe vs. The FDA: Is the Government Putting the Kibosh on Innovation?