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Impact of Healthcare Reforms on the Medical Technology Industry
Frost & Sullivan, March 2011, Pages: 62
This research service provides an understanding of the various healthcare reforms and their impact on he medical technology industry. This research service includes an analysis of the impact of the healthcare reforms in Europe and the United States and their impact on various sectors of the medical technology industry. It also provides an understanding of the opportunities that market participants as a result of these reforms
Research Overview
This Frost & Sullivan research service titled Impact of Healthcare Reforms on the Medical Technology Industry provides an understanding of the various healthcare reforms and their impact on the medical technology industry. This research service includes an analysis of the impact of the healthcare reforms in Europe and the United States and their impact on various sectors of the medical technology industry. It also provides an understanding of the opportunities that market participants can look forward to as a result of these reforms.
Market Overview
Need to Curb Escalating Healthcare Expenditure Spurs Healthcare Reform
Escalating healthcare expenditure, the introduction of expensive medical technology and intensifying consumer demand are necessitating healthcare reforms. Such reforms will alter the conditions under which the medical technology industry operates, both in Europe as well as in the United States. However, with most provisions of the law being phased over a period of time, such changes will come gradually rather than abruptly, allowing medical technology vendors time to adapt. Spiralling healthcare outlays paralleled by augmented healthcare costs and premium rates of medical care are creating a real and urgent need for reform in the sector. This is gaining further impetus due to the large pool of uninsured people.
“From recent reforms it is clear that the intent of most countries on a global level is to curb healthcare expenditure,” states the analyst of this research. “For manufacturers in Europe and the US, 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 healthcare.” Inequalities in the health sector still exist between different member states of the European Union (EU) and between different regions within Europe. Given that reducing inequalities is linked to improving health, the European Commission is focusing on reforms and measures to help reduce these existing inequalities. “The changes included 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,” remarks the analyst. “However, the protection and development of innovative technology is a crucial issue for both the industry and patients, who rely on medical progress for longer and healthier lives.”
Innovative Products, Thoughtful Strategies and Involvement of all Stakeholders Crucial to Implementing Successful Reform
Healthcare involves many stakeholders - patients, health professionals, insurers and government bodies. It is evident, therefore, that radical reforms that ignore the views of the stakeholders are bound to face difficulties. “However, incremental reforms proposed after consultation with various stakeholders are more likely to achieve a profound transformation of the health system in the long run,” states the analyst.
Healthcare reforms threaten to shift the financial burden to healthcare providers. There is likely to be greater demand for quality published outcomes, resulting in a substantial increase in comparative effectiveness studies between different technologies and diagnostics. “Vendors would need to develop innovative products and execute thoughtful strategies,” concludes the analyst. “The aim of such an approach would be to support not only market entry but also ensure sustainable success within the marketplace.”
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