Navigation Links
New Study Finds Slow Rate of Growth in Overall Medical Technology Prices
Date:2/13/2008

Highlights Competitive Nature of Industry

WASHINGTON, Feb. 13 /PRNewswire-USNewswire/ -- AdvaMed, the Advanced Medical Technology Association, today released an important new study that demonstrates the slow rate in growth in overall prices in the highly competitive medical technology sector.

The study's author, Roland Guy King, former chief actuary for Medicare and Medicaid, and Gerald F. Donahoe, found that medical technology is a relatively small and constant share of total national health expenditures (NHE).

"The report's findings are significant in light of recent comments by some suggesting policies to limit the diffusion of and access to advanced medical technology in response to cost pressures. Simply put, medical technology is part of the solution to managing health care expenses and limiting patient access to life-saving, life-enhancing technologies compromises patient health and may actually increase costs," said Edward J. Ludwig, Chairman, President and Chief Executive Officer, BD and Board Chairman, AdvaMed.

"The innovative and competitive nature of the medical technology sector benefits patients by providing continual improvements in care," said Michael A. Mussallem, Chairman and CEO, Edwards Lifesciences, Chairman, AdvaMed Board Committee on Payment and Healthcare Delivery, and AdvaMed's Board Chairman-Elect. "This study shows that there is also an economic benefit of competition due to the relatively slow rate of growth in overall industry prices."

"The report's findings are clear: the highly competitive medical device marketplace is working and delivering tremendous value both in patient care and in economic terms. Policies that stifle innovation, interfere in the marketplace or limit access to care threaten that success," said Stephen J. Ubl, president and CEO of AdvaMed.

In 2004, the latest year studied, spending on medical devices and in vitro diagnostics totaled $112 billion or 6 percent of total NHE, and has stayed relatively constant at that modest proportion for the last 15 years. During that same period, overall medical device prices grew far more slowly than either the Consumer Price Index (CPI) for medical services or the CPI overall.

The report also found that during the 15-year period studied, medical device prices have increased at an average annual rate of only 1.2 percent compared to 5 percent for the Medical Consumer Price Index (MCPI) and 2.8 percent for the CPI.

"Medical device prices, on average, have grown at less than half the rate of the overall CPI and less than one-quarter the rate of other medical goods and services. Medical technology is clearly delivering tremendous value to American patients," said Ubl.

As the report notes, "This relatively slow rate of price increase suggests that the industry is highly competitive."

Please visit AdvaMed's Web site at http://www.advamed.org to see a copy of the study.

AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. Our members produce nearly 90 percent of the health care technology purchased annually in the United States and more than 50 percent purchased annually around the world. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit http://www.advamed.org.


'/>"/>
SOURCE AdvaMed
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. Geisinger study: PTSD a medical warning sign for long-term health problems
2. Body image is stronger predictor of health than obesity, says Mailman School of PH study
3. Study garners unique mating photos of wild gorillas
4. A functional immune system can be derived from embryonic stem cells, preliminary study finds
5. Veterinary researchers study poultry virus as human cancer treatment
6. Iomai Study Shows Self-Applied Travelers Diarrhea Vaccine Patch Comparable to Clinician-Applied Vaccine Patch
7. Swine flu monitoring needed for farm workers, study says
8. Doctors uncertain about approaches to care for heart failure patients, SLU study finds
9. Study finds patients with complex fibroadenomas can avoid surgery
10. Researchers at Pulmonary Associates to study airway bypass procedure for severe emphysema
11. Newly Published Study Demonstrates Return on Investment for Employee Wellness Program
Post Your Comments:
*Name:
*Comment:
*Email:
(Date:12/7/2016)... ... December 07, 2016 , ... Sharon Kleyne, host of the ... and Your Health on Voice of America, declared on her radio program in November ... the fact that when these bullies attack leaders in corporate America, they are trying ...
(Date:12/7/2016)... , ... December 07, 2016 , ... ... 20 Marketing Campaign Winner in the Folio: Marketing Awards competition. Live From won ... year’s best in pioneering, inventive, and ultimately successful projects undertaken by the media ...
(Date:12/7/2016)... , ... December 07, 2016 , ... ... and Wellness (IFW) Program at Reproductive Medicine Associates of Connecticut (RMACT). McLaughlin brings ... a team of three acupuncturists to help patients realize their family building goals. ...
(Date:12/7/2016)... NORFOLK, Va. (Dec. 3, 2016) , ... (PRWEB) ... ... the nation’s only patient advocacy nonprofit for individuals impacted by cerebral cavernous angiomas, ... work in New Mexico with a patient engagement program. New Mexico has more ...
(Date:12/6/2016)... ... December 06, 2016 , ... ... that can be seen on a type of MRI, according to a study ... disorder of the central nervous system characterized by tremors or trembling and stiffness ...
Breaking Medicine News(10 mins):
(Date:12/7/2016)...  Lannett Company, Inc. (NYSE: LCI ) today announced ... Prescription for Success Healthcare Conference on December 14, 2016 at 9:20 ... York City . In addition, the company will ... 4 th Annual Boston Healthcare Conference taking place on December ... ...
(Date:12/6/2016)... BROOKLYN, N.Y. , Dec. 6, 2016  Licenders is bringing ... . This new location in Park Slope at 203 13 th ... Brooklyn clientele. "Our goal is ... Our treatment plans are designed to get children right back to ... products are 100% all natural and safe for the whole family," ...
(Date:12/6/2016)... Dec. 6, 2016  "Blood Tests replace Surgical ... ....." The Diagnostic, Monitoring and Screening Test ... diagnostics is occurring using in vitro blood testing ... with impressive backing, has announced a single blood ... moving faster than the market. New technology that ...
Breaking Medicine Technology: