Final answer:
The FDA and CMS agencies regulate the healthcare industry. The FDA ensures safety and efficacy of drugs and food, while the CMS sets standards for Medicare and Medicaid programs.
Step-by-step explanation:
Two agencies that regulate the healthcare industry are the Food and Drug Administration (FDA) and the Centers for Medicare and Medicaid Services (CMS).
The FDA is responsible for ensuring the safety and efficacy of drugs, medical devices, and food products, while the CMS oversees the administration of Medicare and Medicaid programs.
The FDA's impact on compliance of regulatory standards is significant, as it conducts inspections, reviews applications for new products, and enforces regulations to protect public health.
For example, the FDA ensures that drugs undergo rigorous testing before they are approved for use in patients. The CMS, on the other hand, sets standards for healthcare providers participating in Medicare and Medicaid programs, monitors compliance, and imposes penalties for non-compliance.