July 25, 2014
Technology in healthcare provides many opportunities to streamline processes that can reduce costs and to better coordinate cohesive healthcare plans for any patient, most especially those who are already struggling with one or more chronic diseases.
In partnership with AdvaMed, the Milken Institute has recently released a report detailing the substantial economic impact of medical technology, HEALTHY SAVINGS - Medical Technology and the Economic Burden of Disease. Recognition of the economic benefits of medical technology is critical for a comprehensive approach to healthcare reforms. The impact that technology can have on better diagnosis, prevention, treatment, and cures could significantly affect productivity.
Highlighting these types of benefits of medical technology, especially amidst myriad changes in healthcare delivery systems and relentless concerns about the cost of healthcare, could also have vast implications for public policy. However, such factors are rarely considered in the evaluation of medical technology investments.
This study focuses on the full costs and broader economic benefits of investment in innovative medical technologies used to address four prevalent causes of death and disability: diabetes, heart disease, musculoskeletal disease, and colorectal cancer.
Exploring the many facets of medical technology and its benefits, this paper concludes what the Partnership to Fight Chronic Disease (PFCD) continually works towards. Along with countering the number one cause of death, disability and rising healthcare costs, medical technology can also enrich GDP growth, job creation, incomes, and government revenue - there is a worthy economic rationale for investing in medical technology.