Purchasing Medical Innovation

Innovation in medical technology supplies the health care industry with a remarkable pipeline of new drugs, devices, and diagnostics that improve health, reduce risk, and extend life. But these technologies are often priced at excessive levels and frequently used on the wrong patient, at the wrong time, or in the wrong setting. The only way to moderate cost growth without undermining innovation is to improve the process of assessing, pricing, prescribing, and using new technologies. Purchasing Medical Innovation analyzes the contemporary revolution in the purchasing of health care technology, with a focus on the roles of the Food and Drug Administration (FDA), insurers, physicians, hospitals, and consumers themselves. The FDA is now more thoroughly assessing product performance under real-world conditions as well as in laboratory settings. Insurers are designing payment methods that reward efficiency in the selection and administration of new treatments. Hospitals are aligning more closely with physicians. Patients are becoming more engaged and accountable. This book describes both the strengths and deficiencies of the current system and highlights opportunities for buyers, sellers, and users to help improve the value of medical technology.