A new bill introduced in the U.S. Senate could reduce the Food and Drug Administration's oversight authority of innovative new devices and help create more jobs in the growing healthcare field, according to the congressmen who introduced the bill.

The FDA Mission Reform Act primarily seeks to ensure that the agency creates a consistent, predictable and transparent regulatory environment. Senator Dan Coates, a Republican from Indiana, said that excessive regulatory burden has forced medical technology companies to hold back on introducing new products and to send jobs overseas.

"Unpredictable and burdensome regulations from this agency have severely impacted medical device manufacturing, an important industry in Indiana’s economy," he said. "This legislation will encourage the development of innovative products and protect American jobs."

The legislation would seek to make the review process for new health IT tools like EHRs quicker and more efficient and would leverage new technologies as part of the evaluation process. The reform to the FDA's mission statement would also make it easier for consumers to access novel products more quickly and easily. The hope is that this would speed innovation in addition to stimulating the economy.