HR 9 regulatory risk assessment would add $20 mil. to FDA spending, CBO estimates.
This article was originally published in The Rose Sheet
Executive Summary
REGULATORY RISK ASSESSMENT WOULD ADD ABOUT $20 MIL. TO FDA SPENDING on pre-market regulatory activities each year, the Congressional Budget Office estimates in scoring of the Commerce Committee version of HR 9, the "Job Creation and Wage Enhancement Act," released Feb. 15. The $20 mil. cost is based on "information from FDA," CBO said. Another $17.5 mil. would be added to the cost of rulemaking, FDA maintained. "The agency estimates that the additional analysis required by the bill would add an average of about $700,000 to an additional 25 rules each year," CBO said.
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Marketing In Brief
ModiFace launches forecasting tool: Toronto-based virtual makeover firm introduces ShadeCast, a makeup sampling and forecasting tool based on behavioral tracking. ShadeCast is used in conjunction with iPhone application MakeUp, which allows consumers to virtually try on makeup in hundreds of shades from brands including Revlon, Cover Girl, Lancome and Clinique. ShadeCast offers 1,000 cosmetic shades from 40 brands and assigns a ShadeScore "to approximately position the [app's] hottest and most sampled color." ModiFace exec Nikkie Gatto likens the app to radio music playlists, helping consumers "looking to capture the current look, but also provide vital market intelligence to our retail channel partners," she says in Nov. 3 release. "The value of data to demonstrate the aggregate behavior will help the industry predict the latest trends and help cosmetic manufacturers better understand the color and products which most resonate with online and iPhone virtual makeover users," the company says