As venture capitalists (VCs) become increasingly vocal about their displeasure with FDA, their waning faith in the medical device industry is beginning to have an impact where it counts: funding. A report published by PricewaterhouseCoopers and the National Venture Capital Association revealed that third-quarter funding in 2011 for the life sciences sector dropped 18% quarter over quarter. This past quarter saw the lowest number of deals since Q1 of 2009, according to the report. In other news, FDA continues to be on the defensive in the face of mounting criticism of device clearance times and processes. In response to accusations of stifling domestic innovation, in particular, FDA announced this week that 24 new drugs hit the U.S. market prior to approval in Europe. Read more about these and other top stories of the week below in our weekly roundup.