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:6/24/2016)... ... June 24, 2016 , ... A recent article published ... unfamiliar with. The article goes on to state that individuals are now more comfortable ... less common operations such as calf and cheek reduction. The Los Angeles area medical ...
(Date:6/24/2016)... ... ... crisis. Her son James, eight, was out of control. Prone to extreme mood shifts and ... him, he couldn’t control his emotions,” remembers Marcy. “If there was a knife on ... say he was going to kill them. If we were driving on the freeway, ...
(Date:6/24/2016)... ... June 24, 2016 , ... Dr. Amanda Cheng, ... treatment. Dr. Cheng has extensive experience with all areas of orthodontics, including robotic ... osteogenic orthodontics. , Micro-osteoperforation is a revolutionary adjunct to orthodontic treatment. It ...
(Date:6/24/2016)... ... ... People across the U.S. are sharpening their pencils and honing their writing skills ... patients and their families pay tribute to a genetic counselor by nominating him or ... Counselors (NSGC) Annual Education Conference (AEC) this September. , In April, Genome magazine ...
(Date:6/24/2016)... ... June 24, 2016 , ... Puradigm® & ... (TGIG), has initiated cultivation and processing operations at its production facility, and opened ... , Puradigm is the manufacturer of a complete system of proactive air and ...
Breaking Medicine News(10 mins):
(Date:6/23/2016)... DUBLIN , June 23, 2016 ... "Dialysis Devices Global Market - Forecast to 2022" report ... is the treatment method for the patients with kidney failure, ... and excess fluid from the patient,s blood and thus the ... sodium, potassium and chloride in balance. Increasing ...
(Date:6/23/2016)... , June 23, 2016 ... "Pharmaceutical Excipients Market by Type (Organic Chemical (Sugar, ... Formulation (Oral, Topical, Coating, Parenteral) - Global Forecast to ... The global pharmaceutical excipients market ... at a CAGR of 6.1% in the forecast period ...
(Date:6/23/2016)... 23, 2016 Roche (SIX: RO, ROG; OTCQX: ... its Elecsys BRAHMS PCT (procalcitonin) assay as a dedicated ... shock. With this clearance, Roche is the first IVD ... solution for sepsis risk assessment and management. ... and PCT levels in blood can aid clinicians in ...
Breaking Medicine Technology: