Medical Technology Innovations
Medical Technology Innovations
Introduction
This section consists of against the backdrop of health care reform and a controversial medical device tax, medical technology companies are focusing more than ever on products that deliver cheaper, faster, more efficient patient care. They are also making inroads with U.S. Food & Drug Administration regulators to re-engineer the complex review and approval process for new medical devices.
However, many in the industry have long felt overly burdened by what they consider to be an unnecessarily complex approval process. Critics claim it impedes innovation and delays the availability of better health care. To change that perception, the FDA last year announced a new Medical Device Innovation Consortium (MDIC) charged with simplifying the process of designing and testing new technologies. With input from industry, government, and other non-profit organizations, public-private MDIC will prioritize the regulatory science needs of the medical device community and fund projects to streamline the process.
Summary of the Problems
This article that I have chosen for this assignment consists of what factors affect the growth of new medical technology?
Many factors influence innovation in medical care. Consumer demand for better health is a prime factor. Research shows that the use of medical care rises with income. As people and the nation become wealthier, they provide a fertile market for new medical innovations. Consumers want medical care that will help them achieve and maintain good health, and advances in medical technology are perceived as ways to promote those goals. Consumer demand is affected by the increased public awareness of medical technology through the media, the Internet, and direct-to-consumer advertising.
Health insurance systems that provide payment for new innovations also encourage medical advances. Medical treatments can be very expensive, and their cost would be beyond the reach of many people unless
Introduction
This section consists of against the backdrop of health care reform and a controversial medical device tax, medical technology companies are focusing more than ever on products that deliver cheaper, faster, more efficient patient care. They are also making inroads with U.S. Food & Drug Administration regulators to re-engineer the complex review and approval process for new medical devices.
However, many in the industry have long felt overly burdened by what they consider to be an unnecessarily complex approval process. Critics claim it impedes innovation and delays the availability of better health care. To change that perception, the FDA last year announced a new Medical Device Innovation Consortium (MDIC) charged with simplifying the process of designing and testing new technologies. With input from industry, government, and other non-profit organizations, public-private MDIC will prioritize the regulatory science needs of the medical device community and fund projects to streamline the process.
Summary of the Problems
This article that I have chosen for this assignment consists of what factors affect the growth of new medical technology?
Many factors influence innovation in medical care. Consumer demand for better health is a prime factor. Research shows that the use of medical care rises with income. As people and the nation become wealthier, they provide a fertile market for new medical innovations. Consumers want medical care that will help them achieve and maintain good health, and advances in medical technology are perceived as ways to promote those goals. Consumer demand is affected by the increased public awareness of medical technology through the media, the Internet, and direct-to-consumer advertising.
Health insurance systems that provide payment for new innovations also encourage medical advances. Medical treatments can be very expensive, and their cost would be beyond the reach of many people unless