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We describe the broad range of uncertainties faced by the developers of medical technologies. Empirically, we estimate the asset market incidence of two realizations of uncertainties we classify as within-market policy risks. The events we analyze concern the intellectual property of Myriad Genetics, Inc., an American molecular diagnostics firm. In July 2013, the Supreme Court invalidated several of Myriad's intellectual property claims. Subsequently, the Center for Medicare and Medicaid Services reevaluated the reimbursements it pays for the services at issue in this patent litigation. We estimate that these events substantially moved Myriad's market capitalization, by just under 25 percent in the case of the Supreme Court's decision and nearly 20 percent in the case of CMS's reimbursement rate re-determination. Myriad's exposure to the realization of these intellectual property risks reflects its unusually high reliance on revenues linked to the services at issue. We discuss the implications of these risks for the total volume of medical innovation and for its organization across firms.
A wave of new health care innovation and growing demand for health care, coupled with uncertain productivity improvements, could severely challenge efforts to control future health care costs. A committee of the National Research Council and the Institute of Medicine organized a conference to examine key health care trends and their impact on medical innovation. The conference addressed the following question: In an environment of renewed concern about rising health care costs, where can public policy stimulate or remove disincentives to the development, adoption and diffusion of high-value innovation in diagnostics, therapeutics, and devices?
A wave of new health care innovation and growing demand for health care, coupled with uncertain productivity improvements, could severely challenge efforts to control future health care costs. A committee of the National Research Council and the Institute of Medicine organized a conference to examine key health care trends and their impact on medical innovation. The conference addressed the following question: In an environment of renewed concern about rising health care costs, where can public policy stimulate or remove disincentives to the development, adoption and diffusion of high-value innovation in diagnostics, therapeutics, and devices?
The objective of the workshop that is the subject of this summary report was to present the challenges and opportunities for medical devices as perceived by the key stakeholders in the field. The agenda, and hence the summaries of the presentations that were made in the workshop and which are presented in this summary report, was organized to first examine the nature of innovation in the field and the social and economic infrastructure that supports such innovation. The next objective was to identify and discuss the greatest unmet clinical needs, with a futuristic view of technologies that might meet those needs. And finally, consideration was given to the barriers to the application of new technologies to meet clinical needs.
Americans praise medical technology for saving lives and improving health. Yet, new technology is often cited as a key factor in skyrocketing medical costs. This volume, second in the Medical Innovation at the Crossroads series, examines how economic incentives for innovation are changing and what that means for the future of health care. Up-to-date with a wide variety of examples and case studies, this book explores how payment, patent, and regulatory policiesâ€"as well as the involvement of numerous government agenciesâ€"affect the introduction and use of new pharmaceuticals, medical devices, and surgical procedures. The volume also includes detailed comparisons of policies and patterns of technological innovation in Western Europe and Japan. This fact-filled and practical book will be of interest to economists, policymakers, health administrators, health care practitioners, and the concerned public.
This study has emerged from an ongoing program of trilateral cooperation between WHO, WTO and WIPO. It responds to an increasing demand, particularly in developing countries, for strengthened capacity for informed policy-making in areas of intersection between health, trade and IP, focusing on access to and innovation of medicines and other medical technologies.
The first wide-ranging analysis of business trends in the manufacturing segment of the health care industry.
Evidence suggests that medical innovation is becoming increasingly dependent on interdisciplinary research and on the crossing of institutional boundaries. This volume focuses on the conditions governing the supply of new medical technologies and suggest that the boundaries between disciplines, institutions, and the private and public sectors have been redrawn and reshaped. Individual essays explore the nature, organization, and management of interdisciplinary R&D in medicine; the introduction into clinical practice of the laser, endoscopic innovations, cochlear implantation, cardiovascular imaging technologies, and synthetic insulin; the division of innovating labor in biotechnology; the government- industry-university interface; perspectives on industrial R&D management; and the growing intertwining of the public and proprietary in medical technology.
What if you had a crystal ball that revealed the future of the healthcare landscape?Wouldn't you want that ball? Think of how that information could boost your success and impact your future. You could be on the cutting-edge of change and reap the rewards. Accept that change is inescapable. Discover how healthcare changes will impact you, your family, and your career. Listen to pioneers who share their secrets and predictions. A few of these pioneers include: 1. Shaden Marzouk MD, Ph.D. Managing Director, Health, AXA, former Chief Medical Officer of Cardinal Health 2. Brian Caveney, MD, JD, MPH. Enterprise-Wide Chief Medical Officer of LabCorp 3. Ruth Williams-Brinkley, President, Kaiser Foundation Health Plan and Hospitals of the Northwest 4. Bertalan Mesko, MD. Ph.D. Director of The Medical Futurist Institute 5. Barbara Casey, Global Health Leader at Cisco, Inc 6. Deborah C. Beidel, Ph.D., ABPP, Director of UCF RESTORES(R) What these leaders share: - Current innovative trends - How trends will change the world - Five things they wish they knew - Disruptive practices and products you haven't heard of - Advice for how to future-proof your career - Success habits and life philosophy Who this book is for: . Entrepreneurs, healthcare workers and consumers who understand the need for strategic agility. . Those who want to plan a future in the healthcare industry. . Those who want to avoid failed businesses. . Those who want to prepare for new trends and reap the reward of a competitive advantage. What you will learn: - What the future of the healthcare industry looks like - How to recession-proof your career - Where to find healthcare business and career opportunities - How to pitch venture capitalists and where to find them - How to ask the right questions - How to prepare for environmental uncertainties Successful leaders need to anticipate where the markets are going. Disruption is a wealth creation opportunity. Leaders who are open to innovative ideas, and to learning how and where to look for ideas, will thrive. Don't get locked out of this market because you lack the knowledge on how and where to find solutions. Expand your view and increase the odds that you will see important trends before your competition. Disruptive innovation theory should be a key component in all strategist's toolkits. Grab a copy of The Art of Healthcare Innovation: Interviews and Industry Insights from 36 Pioneers today before change renders your position obsolete.
Recognize market opportunities, master the design process, and develop business acumen with this 'how-to' guide to medical technology innovation. Outlining a systematic, proven approach for innovation - identify, invent, implement - and integrating medical, engineering, and business challenges with real-world case studies, this book provides a practical guide for students and professionals.