Spiraling healthcare expenditures paralleled by increasing health care costs and premium rates of medical care are creating a real and urgent need for reform in the medical technology sector worldwide, indicates a new report from research firm Frost & Sullivan.
The report — entitled “Impact of Healthcare Reforms on the Medical Technology Industry” — highlights the finding that in order to improve healthcare, it is important to understand the interrelationship between medical outcomes, accessibility to services and quality information for patients.
"From recent reforms, it is clear that the intent of most countries on a global level is to curb healthcare expenditure," states Simone Carron-Peters, a research analyst at the firm. "For manufacturers in Europe and the U.S., an emerging challenge is to introduce technologies that can do more for the same price or less, rather than to develop new capabilities that add cost to the delivery of health care.”
Healthcare reforms will alter the conditions under which the medical technology industry operates in Europe and the United States. However, with most provisions of the law being phased in over a period of time, such changes will come gradually rather than abruptly, allowing medical technology vendors time to adapt, the report states.
"The changes...in health reform include both positives and negatives for the medical technology industry, but, on balance, the industry is likely to thrive in the future," Carron-Peters asserts. "However, the protection, and development of innovative technology is a crucial issue for both the industry and patients.”