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 perce
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