The rising cost of medical devices continues to have a significant impact on the entire health care system. The industry suffers from a lack of transparency around pricing structures, inadequate research on product effectiveness including quality control measures and competitive benchmarking, a lax regulatory climate and undisclosed/unclear contracting activities. While medical device makers will benefit financially as a result of expanded healthcare coverage provided under PPACA, many manufacturers are opposed to the excise tax on their products and lobby heavily to remove this tax.
Featured ICCR Initiative
- Assure corporate commitment to the implementation of the ACA, including alignment and transparency of public communications, advocacy and lobbying activities.
- Transition towards new business models that recognize the evolving US healthcare marketplace under the ACA that demonstrates wellness, better affordability and increased access.
- Increase transparency of product pricing while reducing price disparity and product/service delivery cost between the United States and other countries.
Ernst & Young: "Pulse of the Industry: Medical Technology Report 2013". Describes the three main trends impacting the medical technology sector: the move toward value-based health care, growing regulatory pressures, and resource constraints within the industry itself.
Featured Best Practice
Boston Scientific's support of cost-effectiveness research (CER): "Boston Scientific believes that evidence-based data and information can help patients, physicians, hospitals, payers, technology developers and other stakeholders improve their decision-making."
Medtronic's Acquisition of Cardiocom Disease management System: "With broad healthcare reform initiatives focused on growing economic challenges, healthcare systems in every region of the world are striving to continuously improve outcomes, increase access, save cost, and improve the efficiency of healthcare delivery."