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Purchasing Medical Innovation - The Right Technology, for the Right Patient, at the Right Price (Hardcover)
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Purchasing Medical Innovation - The Right Technology, for the Right Patient, at the Right Price (Hardcover)
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Innovation in medical technology generates a remarkable supply of
new drugs, devices, and diagnostics that improve health, reduce
risks, and extend life. But these technologies are too often used
on the wrong patient, in the wrong setting, or at an unaffordable
price. The only way to moderate the growth in health care costs
without undermining the dynamic of medical 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), Medicare and private health insurers,
physicians and hospitals, and consumers themselves. The FDA is more
thoroughly assessing product performance under real-world
conditions as well as in laboratory settings, accelerating the path
to market for breakthroughs while imposing use controls on risky
products. Insurers are improving their criteria for coverage and
designing payment methods that reward efficiency in the selection
of new treatments. Hospitals are aligning adoption of complex
supplies and equipment more closely with physicians' preferences
for the best treatment for their patients. Consumers are becoming
more engaged and financially accountable for their health care
choices. This book describes both the strengths and deficiencies of
the current system of purchasing and highlights opportunities for
buyers, sellers, and users to help improve the value of medical
technology: better outcomes at lower cost.
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