Medical Technology: Providing Economic and Health Value

Medical Technology: Providing Economic and Health Value Patient access to advanced medical technology generates efficiencies and cost savings for the health care system and the economy. Minimally invasive coronary revascularization Evidence suggests that between Hospitalization $34,000 - $57,000 saves 59% $30,800 1980 2010 Between 1980-2010 advanced medical technology helped cut the number of days people spent in hospitals by 59 percent. and means 37 fewer lost days at work for patients compared to conventional open surgery. is saved each year for every 100 patients who use insulin pumps. Advanced medical technology saves lives and improves the quality of patient care. Medicare patients receiving total hip and knee replacements show Fatalities from heart disease were cut by Between 2000 Deaths from stroke were reduced by and 2010, medical advancements nearly helped add nearly two years to U.S. life expectancy. 30% 36% half Mortality from breast cancer was cut by the probability of death after seven years compared to osteoarthritis patients not receiving total joint replacement. 49 18% The medical device and diagnostics industry is extremely competitive, ensuring that medical technology is a good bargain. Medical device prices have increased below the rate of inflation for the last two decades. Medical devices and diagnostics are a small and stable share of The MedTech industry supports nearly national health expenditures, In fact, device prices have increased at an average annual rate of 1 percent, TWO MILLION U.S. JOBS 1% 6% 1992 2010 a rate less than half that of prices in the overall economy.10 accounting for about 6 percent annually from 1992 to 2010," which drives economic growth and supports communities." 1 National Center for Health Statistics. (2013, March 14). Table 103 – Discharges, days of care, and average length of stay in nonfederal short-stay hospitals, by selected characteristics: United States, selected years 1980 through 2009-2010. Retrieved March 15, 2013, from Čenters for Diséase Control and Prevenion: http://www.cdcgow/nchs/data/hus/2011/103.pdf. 2 A. Epstein, P. Groeneveld, M. Harhay, et al, "Impact of Minimally Invasive Surgery on Medical Spending and Employee Absenteeism," Journal of the American Medical Assaciation Surgery magazine, published online March 20, 2013, www.jamasurg.com. 3 S. Bevan, K. Zheltoukhova and R. McGee, "Adding Value: The Economic and Societal Benefits of Medical Technology", The Work Foundation- part of Lancaster University, November 2011. 4 National Center for Health Statistics. "Health, United States, 2012: With Special Feature on Emergency Care." Hyattsville, MD. 2013. 5 Ibid, 6 Ibid. 7 Ibid. 8 Lovald S, et al., "Mortality, Cost, and Health Outcomes of Tatal Knee Arthraplasty in Medicare Patients," Journal of Arthroplasty (published online, print publication pending), November 12, 2012. 9 Lovald S, et al, "Downstream Costs and Health Outcomes for Hip Ostenarthritis Patients after Total Hip Arthroplasty," paper presented at 2013AAOS Annual Meeting, Chicago IL http://kjr.net/news 66 aaos lovald.htm#.UZ2TENM1I 10 Guy King and Gerald Donahoe, "Estimates of Medical Device Spending in the United States," October 2012. 11 Ibid, 12 State Economic Impact of the Medical Technology industry. Report prepared for AdvaMed by The Lewin Group, Inc. 2007. AdvaMed 2013, THE MED TECH CONFERENCE ACCESS. INSIGHT. OPPORTUNITY.