Devicemakers should invest in value-based care, clinical outcomes and bundled payments to reduce rising costs within the sector.
In the wake of a new PwC report on rising costs in the device industry, manufacturers should consider foregoing new features if they cannot demonstrate the value they bring to the design, according to PwC’s HRI director Kareem Elwakil and senior manager Alec Gaffney.
Devicemakers should also involve patients in the process, according to a blog post by Brian Chapman, a principal at ZS. Patients, who are intimately familiar with their own condition, can help make a device “smarter” by offering advice on their specific needs, according to Chapman. — Zack Budryk