Trends in Medical
Device Innovation
In the next few years, medical technology
innovations will fundamentally transform the health care delivery system,
providing new solutions with medical devices that will challenge existing
paradigms and revolutionize the way treatments are administered. Already medical
innovations that would have been considered the stuff of science fiction just a
few years ago are quickly becoming the standard of care.
With the convergence of many scientific and
technology breakthroughs, the pace of medical invention is accelerating,
inspiring hope for better clinical outcomes with less invasive procedures and
shorter recovery times, all in lower cost settings. There are powerful forces at
work that are driving rapid fundamental change in healthcare delivery.
These changes will drive demand for new lower cost
diagnosis, monitoring and treatment procedures. Medical devices that offer less
invasive treatment options, with better clinical outcomes and shorter recovery
times, will create tremendous value in the next few years.
Medical Solutions Conceived in the Profession Will
Prevent Medical Errors
The Institute of Medicine (IOM) released a report
entitled: To Err is Human: Building a Safer Healthcare System. It estimate that
as many as 98,000 patients die due to medical errors in hospitals each year.
This is more than double the rate of accidental death caused from automobiles.
In the recently published book from the IOM, Crossing the Quality Chasm: A New
Health System for the 21st Century, it states: “These quality problems occur …
not because of a failure of goodwill, knowledge, effort or resources devoted to
health care, but because of fundamental short comings in the ways care is
organized.” A major focus of healthcare delivery in the next decade is to
improve quality and eliminate accidents and errors. We are enthusiastic to work
with medical professionals to deliver breakthrough medical inventions that can
eliminate the potential for errors, improve the quality of healthcare delivery
and save lives.
Click Medical Invention Review Registration to
register to present your medical invention.
Dr. Jerome H. Grossman, has said, “Changing patient
behavior is where the rubber meets the road. It’s perhaps the most critical
component in the process that will take healthcare out of the shadow of social
welfare and into the light of individual responsibility.” (American Healthcare
Symposium 2004) Every year consumers are bearing a higher cost of the healthcare
burden. The average consumer share of healthcare expenses has increased by 7.7%
in the last five years.
Competitive Forces and Transparent Quality will
Drive Medical Innovation
Dr. Grossman continues, “Only when they have ‘skin
in the game’, will they begin to ask questions about their care and its costs.
Paying for a portion of their care will cause a shift in consumer behavior in
line with the principle of disruptive innovation: consumers will purchase the
lowest cost item when given the choice of goods and services that provide no
value beyond their basic expectation.” One of Dr. Grossman’s conclusions is that
as healthcare quality becomes more transparent, as is inevitable in the
information age, consumers will chose the best cost performance option.
Competitive forces reinforced by consumer self-interest will drive innovation in
medical devices and healthcare delivery in the next few years as never before.
Professor Clayton M. Christensen is the thought
leader on innovation and business growth at Harvard Business School and the
author of the best selling, The Innovator’s Solution. In his study of innovation
in healthcare; he found that the vast majority of medical device inventions were
conceived in the minds of the practicing medical professionals as they perform
their daily jobs. A conclusion of Professor Christensen’s seminal work on
innovation in healthcare is: an organized, motivated, independent and broad
network of practicing medical professionals represents the most powerful force
for rapid, low-cost innovation in the medical device industry. Website:
http://www.claytonchristensen.com
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