Medical
Technology Innovation Scorecard
“The medical technology field in the U.S. has long
benefited from a confluence of social, technical, political and economic forces
that came together to create an ecosystem which fosters medical technology
innovation,” said Michael Swanick, U.S. Pharmaceuticals, Medical Device and Life
Sciences Industry Leader, PwC. “However, the balance of these forces is
beginning to change, driven by global economic dynamics, governmental policies
and the actions of individual companies and entrepreneurs. As the innovation
ecosystem evolves, it creates challenges for those countries and companies that
have ridden this wave – and offers opportunities to those, in the U.S. and
around the world, who find themselves well-positioned to adapt to new modes of
innovation.”
The Innovation Scorecard examined where each of the
nine countries evaluated stands in relation to five broad “pillars” that have
supported medical technology innovation in the U.S. for the past several
decades: Powerful financial incentives, such as reimbursements for adoption of
new technologies; resources for innovation, such as academic medical centers; a
supportive regulatory system; demanding and price-insensitive patients; and a
supportive investment community of venture capitalists and other investors.
The Innovation Scorecard indicated that the
innovation ecosystem itself is moving offshore as the nature of medical
technology innovation evolves. Some of this transformation is being driven by
changes in the U.S., such as more expensive, less-predictable FDA regulatory
approvals, an increased focus on value and cost-effective solutions in
healthcare and increasingly international investments in R&D. Other dynamics are
the result of changes abroad, including factors as diverse as investment in
local academic medical centers; investment in research programs; the return of
foreign-educated scientists and doctors to their homelands; advancement of
mobile health technologies that expands access to care; and a focus on the lean,
frugal and reverse innovation necessary to deliver faster, better, cheaper and
more effective healthcare solutions in these markets.
As a result of these many factors, medical
technology companies increasingly are going outside the U.S. to seek clinical
data, new-product registration and first revenue. Accordingly, U.S. consumers
are not always the first to benefit from advances in medical technology and
could eventually be among the last to gain access to new innovation. Medical
technology innovators already are going first to market in Europe and, by 2020,
likely will move into emerging countries before entering the U.S.
The shift away from the U.S. to nations such as
China, India and Brazil is not necessarily preordained. Factors related to
intellectual property protection, difficulty of doing business in some emerging
countries and weak local supplier networks could make these markets less
attractive, despite their size, and could hinder these nations’ effort to assume
innovation leadership.
“We created the Innovation Scorecard because we
wanted to better understand how medical technology innovation is changing and
which nations have the strongest capacity and capability for innovation,” said
PwC Managing Director Christopher L. Wasden, co-author of the report. “The
findings will be helpful to government officials and regulators seeking to
advance policies that foster innovation as well as medical technology companies
working to develop their own commercialization strategies.”
The complete report is available for download at www.pwc.com/InnovationScorecard.
Methodology
The PwC Medical Technology Innovation Scorecard
incorporates 86 qualitative and quantitative data and analysis to identify and
provide support for industry best practices. The overall scores and rankings in
each of 10 dimensions, as well as in aggregate, should be regarded as a general
guide to help support the advancement of regulatory and advocacy work within the
medical device industry.
About PwC’s Pharmaceuticals, Medical Device and
Life Sciences Industry Group
PwC’s Pharmaceuticals, Medical Device and Life
Sciences Industry Group (www.pwc.com/us/pharma andwww. pwc.com/us/medtech) is
dedicated to delivering effective solutions to the complex strategic,
operational and financial challenges facing pharmaceutical, biotechnology and
medical device companies. We provide industry-focused assurance, tax and
advisory services to build public trust and enhance value for our clients and
their stakeholders. Follow PwC Health Industries at http://twitter.com/PwCHealth.
About the PwC Network
PwC firms provide industry-focused assurance, tax
and advisory services to enhance value for their clients. More than 161,000
people in 154 countries in firms across the PwC network share their thinking,
experience and solutions to develop fresh perspectives and practical advice.
See www.pwc.com for more information.
© 2011 PwC. All rights reserved. “PwC” and “PwC US”
refer to Pricewaterhouse Coopers LLP, a Delaware limited liability partnership,
which is a member firm of PricewaterhouseCoopers International Limited, each
member firm of which is a separate and independent legal entity.
SOURCE PwC
(Ref :
http://www.qmed.com/news/28578/emerging-markets-are-gaining-ground-medical-technology-innovation-us-maintains-lead-finds
)
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