INDUSTRY PROMOTES COST SAVINGS OF DEVICES, DIAGNOSTICS
Lawmakers and government regulators need to consider the cost savings that devices and diagnostics offer to the U.S. healthcare system when making decisions that could affect patients' access to new treatments, say industry leaders and at least one Senate lawmaker.
Medical technology's big leaps in providing more efficient and cost-effective treatments include less invasive surgical options, faster recovery times and better disease management technology, said AdvaMed President and CEO Steve Ubl.
While devices and diagnostics may seem to have high prices at the point of purchase, they ultimately save both patients and the larger healthcare system money, because "we return [patients] to a more productive life," Andy Stapars, vice president of public policy for Advanced Medical Optics, told FDAnews.
While "episodic" medical technology charges involving only one or several initial payments may seem high when compared to drug costs, industry is actually helping contain costs in the long term, Stapars said.