Painting by Nancy Whitcomb
An article in HealthAffairs on biomedial innovation concludes:
”The passing era of unsophisticated and cost-unconscious purchasing provided a steady flow of revenues to finance biomedical research and development. But it also … fostered—the development of products that were priced at premium levels despite offering only minor improvements. The emerging era of more sophisticated and cost-conscious purchasing will likely reduce the flow of funds to the medical technology industry. But it has the potential to increase the social value of innovation by focusing the industry on principles of design, pricing, and distribution … aligned with the preferences and pocketbooks of its customers.”
