Top MedTech Venture Investor Justin Klein Discusses the Importance of MCIT Rule & Delivering Innovative Technologies to Patients
Justin Klein is no stranger to the world of medical technology. As cofounder and Managing Partner at Vensana Capital, he works with entrepreneurs in the medtech space who seek to transform healthcare with breakthrough innovations.
Klein recently joined AdvaMed CEO Scott Whitaker for an episode of MedTech POV to talk about his expansive career in medtech and some of today’s most pressing issues across the industry, and how to get innovative technologies into the hands of patients who need it most.
What is MCIT?
On the podcast, Klein highlighted the importance of the Medicare Coverage of Innovative Technologies, or MCIT, rule. MCIT would ensure Medicare coverage for medical devices which have received FDA approval as safe and effective and would serve a unique population for whom existing medical options have either already been tried unsuccessfully or are virtually nonexistent. However, this rule was delayed earlier this year by the Center for Medicare & Medicaid Services (CMS).
If put into effect, MCIT would have allowed access to “breakthrough” medical technologies under Medicare so that seniors suffering from such conditions could decide with their own doctors whether these devices would be right for them.
The Importance of Access to Breakthrough Innovations
Today, medical devices face a rigorous review process from the Food & Drug Administration (FDA) to determine their efficacy and safety. During the interview, Klein noted that this process can take from seven to 10 years, “all of which is capital intensive.” However, he also added: “Just because you have FDA approval, doesn’t mean everything else falls into place.”
For patients without other medical options, these breakthrough treatments can be the difference between life and death. However, without MCIT, Klein highlighted that the technology is required to go through additional years of review before being covered by Medicare.
Getting Devices Into the Hands of Patients
For those in the medtech industry, getting devices into the hands of patients who need them is a top priority. Klein himself takes a personal approach to his work: “I think about it like I’m a patient or my family member is going to be eligible for one of these products. I think trust in that system is incredibly important.”
To hear more about Justin Klein and Vensana Capital’s work to bring promising new medical technologies to market, as well as more on policies like MCIT, stream the full episode, and learn more about the MedTech POV podcast.
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