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:4/21/2017)... ... April 21, 2017 , ... Contrary to popular ... violence is declining—and at noteworthy rates. Between 2002 and 2014, Salas-Wright and his ... in violence in the United States. The study, Trends in Fighting and ...
(Date:4/21/2017)... PA (PRWEB) , ... April 21, 2017 , ... Dudnyk ... new identity emphasizes the agency’s conviction that the full potential of specialty and orphan ... are equally appreciated and aligned. , “The Unifying Effect is at the heart ...
(Date:4/21/2017)... ... 21, 2017 , ... Crossover Symmetry , an evidence ... active lifestyle company that provides Human Performance Training and education to tactical athletes. ... responders, military officers and others in service through the development and conditioning of ...
(Date:4/21/2017)... ... April 21, 2017 , ... Metrasens is honoured ... Trade, the UK’s most prestigious award for business success. The company has ... revenues and has grown by a total of 400% over the last six ...
(Date:4/21/2017)... (PRWEB) , ... April 21, 2017 , ... Yisrayl Hawkins, Pastor and Overseer at The ... world leaders in hopes of squashing a global crisis with solution to peace plan. Yisrayl ... to work because the plan is given by the Creator Himself. , Yisrayl says ...
Breaking Medicine News(10 mins):
(Date:4/20/2017)... 20, 2017 Research and Markets ... Pipeline and Market Prospects: Addressing Production Complexities Through Risk ... offering. ... "Global Biosimilar Pipeline and Market Prospects: Overcoming Production Complexities ... in-depth assessment of the current trends in the global ...
(Date:4/20/2017)... -- Research and Markets has announced the addition of ... Expanding Injectables Market and Increasing Usage of Complex Biologics during the ... ... from USD 20 Billion in 2015 to around USD 26 Billion ... Innovation Driven by Rapidly Expanding Injectables Market and Increasing Usage of ...
(Date:4/20/2017)... , April 20, 2017   ZappRx, Inc ., a ... drug prescribing process, today announced it closed $25 million in ... venture capital firm based in Seattle ... Venture Partners . The Series B round included participation from ... in 2014, and GV (formerly Google Ventures). As ...
Breaking Medicine Technology: