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FOR IMMEDIATE RELEASE
September 22, 2008
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Ernst & Young, LLP Releases Report: "State of Med Tech
Industry" at AdvaMed 2008
MedTech Industry Strong Despite Market Challenges
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Washington, DC – Stephen J. Ubl, president and CEO of the Advanced Medical Technology Association (AdvaMed), issued the following statement today regarding the release of Ernst & Young’s inaugural 2008 U.S. Med Tech Report: “AdvaMed congratulates Ernst & Young, LLP on its release of its comprehensive look at the business landscape facing America’s medical technology and diagnostics companies. “Certainly, these are difficult times for many start ups and even established businesses in and out of the health care sector but this report indicates that the continuing drive for innovation is serving medical technology companies well despite an unstable stock market and a global tightening of credit. That is good news for the sector but more importantly, it is good news for patients who rely on the innovative technologies AdvaMed members develop. “According to the report, the U.S. med tech industry attracted ‘record amounts of venture capital in 2007 and sustained that pace in the first half of 2008.’ That capital helps new and emerging growth companies that often are the engines that drive next generation innovations that save and enhance the lives of patients.” Access a copy of Ernst & Young's report.
# # #AdvaMed member companies produce the medical devices, diagnostic products and health information systems that are transforming health care through earlier disease detection, less invasive procedures and more effective treatments. Our members produce nearly 90 percent of the health care technology purchased annually in the United States and more than 50 percent purchased annually around the world. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit http://www.advamed.org/.
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