The government's meaningful use program has received praise for jumpstarting the nation's transition to a fully networked healthcare system in which more doctors are using EHR systems. However, one expert believes that heavy-handed regulation and high costs in the broader healthcare industry are stifling innovation.

Speaking at the Annual Transcatheter Cardiovascular Therapeutics conference, Dr. Martin B. Leon said the U.S. is in desperate need of reforms in the healthcare sector that foster innovation and make the nation competitive with other countries again, according to Cardiovascular Business.

He noted that the review time for pre-market approval of new medical devices increased 100 percent from 2003 to 2010. Furthermore, the total cost of bringing a new medical device to market in the U.S. averages $31 million; $24 million of this is spent on clearing FDA regulations, he said, according to the news source.

President Barack Obama has called for reducing regulatory burden in order foster innovation and stimulate the economy, but there have been few legislative moves to accomplish this goal, particularly in the healthcare sector.