Speaking personally, there haven't been any issues raised with the efficiency of approving the lap band as a medical device. It was approved initially by Health Canada in the late eighties. In 1993 the first laparoscopic, or less invasive, procedure was carried out.
The band has undergone several modifications. It is a process that generally takes one to two years for FDA approval in the States and Health Canada approval in Canada. It does take between six to 12 months on average, if you have an existing device that is modified, to approve the modification as well.