For more than thirty years, Sujoy Guha has been working on a drug called RISUG (Reverse Inhibition of Sperm Under Guidance) that has recently started clinical testing in India. Elaine Lissner brought the idea of RISUG to the United States under the name Vasalgel and is currently raising money for clinical testing. It has already proven very effective in rabbits and baboon trials are currently running. You can find out more information about donating and where they currently are in the trial process here.
Elaine Lissner refers to vasectomies when describing the process of Vasalgel, explaining that "the procedure is similar to a no-scalpel vasectomy." This analogy between the more traditional vasectomy and the new procedure gives some insight into the creative process. The creators of Vasalgel and RISUG used a previous procedure (a vasectomy) as a pattern for creating a less-invasive, cheaper, and more reversible way to get the same result. In fact, they predict that the polymer used for the procedure will be cheaper than the syringe used to administer it.
While Vasalgel seems like it could be the perfect product, it has stumbled during clinical testing because of a lack of funding. Most new drugs get pushed through clinicals by big pharmacy companies hoping to make money on them once they are out on the market. Vasalgel, however, is not intended to make anyone rich. The parent company, Parsemus, plans on charging only enough to keep the company stable, and even want to make sure that the product is covered by insurance. Unfortunately, this means that no big investors are eager to pay for the trials. The product is currently being funded by private donations, and one donor has just agreed to match donations up to $37,000. So even though there hasn't yet been much acceptance in the pharmaceutical business, enough people are interested in the possibility of this new form of birth control to keep the studies going.
Current plans are to start clinical trials on humans late this year and, assuming all goes well, to have it available widely by mid-2016. So look for this innovative new form of birth control in a few years!