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Why are we failing to measure the true value of medical technology innovation?

September 06, 2024
Business Affairs

Innovation that allows procedures to be performed in less-expensive locations: The migration of procedures in orthopedics, ENT, and other areas from hospitals to surgery centers or office-based labs has dramatically reduced the cost of these procedures. When we reduce the cost of procedures, our healthcare system has more resources to treat more patients. In other words, this migration in procedures is a good thing. Innovations that provide extra safety in procedures and simplify technology use are positive from a patient-based innovation perspective because they allow procedures to move out of the hospital.

Innovation that reduces environmental harm and slows climate change: Global warming and climate change have a demonstrably negative effect on population health, and healthcare as a sector is one of the greatest contributors to the carbon emissions that cause global warming. Medical technology plays a major role in this contribution, particularly given that many medical devices are thrown away after a single use. Innovations that replace single-use devices with reusable devices or introduce reprocessability are good innovations from a patient-based innovation perspective.

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Innovation that reduces overall technology costs: New medical technology that combines the functionality of several devices to reduce the overall cost of the basket of devices used in a procedure would represent good innovations from a patient-based innovation perspective. That said, I have never seen this type of innovation take place, simply because it would cut into manufacturer profits.

As an event, I believe HRX provides value in the electrophysiology space, given the role it plays in speeding up and focusing innovation. However, HRX falls short of its potential because the patient care perspective on innovation value is not represented. HRX needs to evolve to create a more successful and sustainable future for cardiovascular medicine.

At Apple, the scrutiny of end users holds the company accountable to delivering meaningful innovation. Healthcare innovation requires this same level of scrutiny and accountability. Anything less does a disservice to patients and restricts the quality of care.

Healthcare is not about doctors and technologists. Healthcare is about patients and care quality. It’s time for our industry to establish the mechanisms needed to hold innovation accountable to what really matters.

About the author: Lars Thording is the VP of Marketing & Public Affairs at Innovative Health LLC.

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