The Corporate Reputation of the Medical Device Industry — the Patient Perspective
- ID: 2118541
- April 2012
Corporate Reputation of the Medical Devices Industry - the Patient Perspective is an April 2012 PatientView Plus report on the findings of an independent study funded and conducted by PatientView during February and March 2012. The report looks at the corporate reputation of the medical device industry as a whole, and at the reputation of 18 individual multinational medical device companies—from the perspective of 300 patient groups drawn from across the world (75% of which are based in Europe). For the purposes of the report, the phrase ‘corporate reputation' is defined as the extent to which medical device companies are meeting the expectations of patients and of patient groups.
The report is based on the results of a mid-February to late-March 2012 online survey of 300 patient groups, drawn from 42 countries across the world.
Key industry-wide findings:
- 52% of the respondent patient groups believe that the multinational medical device industry has a ‘good' or ‘excellent' corporate reputation, making the industry the second most-respected sector in healthcare. By way of contrast, the equivalent figure for the pharmaceutical industry is 40%.
- But only 33% of the respondent patient groups think that the reputation of the medical device industry has improved during the past five years. 32% of the respondent patient groups say that the industry's reputation has declined, while 35% believe that its reputation remains has remained unchanged.
- 64% of the respondent patient groups say that the medical device industry is ‘good' or ‘excellent' at being innovative.
- 57% of the respondent patient groups say that the medical device industry is ‘good' or ‘excellent' at ensuring patient safety... even though a number of the respondent groups mention recent medical-device-related scandals.
- But only 32% of the respondent patient groups say that the medical device industry is ‘good' or ‘excellent' at practising ethical marketing.
- Just 30% of the respondent patient groups say that that the medical device industry is ‘good' or ‘excellent' at being transparent with external healthcare stakeholders.
- And no more than 22% of the respondent patient groups say that that the medical device industry is ‘good' or ‘excellent' at adopting fair pricing practices.
The study used six patient-oriented indicators to measure the reputation of these individual medical device companies:
Indicator I. Whether the company has an effective patient-centred strategy.
Indicator II. The quality of the information that the company provides to patients. Indicator III. The company's record on patient safety.
Indicator IV. The usefulness of the company's products to patients.
Indicator V. The company's record of transparency with external healthcare stakeholders.
Indicator VI. Whether the company acts with integrity.
The top-ranking individual medical device companies:
- Denmark-headquartered Coloplast ranks first out of the 18 companies analysed. From the patient perspective, this company has the best corporate reputation in the whole medical device industry.
- USA-headquartered Medtronic ranks 2nd.
- UK-headquartered Smith & Nephew is 3rd.
- Switzerland-headquartered Roche Diagnostics ranks 4th.
- And joint 5th are USA-headquartered Abbott and Johnson & Johnson.
The report also contains comments from respondent patient groups on how medical device companies can improve their corporate reputation (from a patient perspective). SHOW LESS READ MORE >
Profiles of 18 medical device companies
Patient group comments on individual companies
The 18 multinational medical device companies analysed in the report are:
- 3M Health Care
- Boston Scientific
- Medtronic, Inc
- Roche Diagnostics
- B. Braun Melsungen AG
- Baxter International
- Becton, Dickinson and Company (BD)
- Coloplast A/S
- Fresenius Medical Care (FMC)
- GE Healthcare
- Johnson & Johnson
- Olympus Medical Systems Business
- Philips Healthcare
- Siemens Healthcare
- Smith & Nephew
- St. Jude Medical, Inc
- Toshiba Medical Systems Corporation