New AdvaMed, Deloitte Research Defines Medtech’s Value in Health Care Ecosystem
WASHINGTON, D.C. – Today, AdvaMed, the MedTech Association, released updated reports, in collaboration with Deloitte on frameworks for the comprehensive assessment of medical technologies and diagnostic tests. These seminal reports had been developed to help key stakeholders—payers, providers, health technology assessment bodies, patient advocates, and medtech companies – to assess the value of medical technologies in an emerging value-based care world.
The initial reports, released in 2017, marked the first time a value framework was developed for medical technology and diagnostic tests, and they made clear that there is a business imperative for medtech companies to understand, demonstrate, and clearly articulate how their offerings can create value for each of the key stakeholders across the health care delivery continuum. Since the initial framework was released in 2017, the medtech industry has seen significant changes and advancements, which has precipitated an updated framework. The latest version of the Medtech Value Framework also reflects the shifting attention towards Environmental, Social, and Governance (ESG) considerations for medtech companies and health care stakeholders.
“Whether it’s improvements to home monitoring, guided surgical care, or therapeutic interventions, digital health technology is changing the way patients take control of their health,” said Scott Whitaker, AdvaMed President and CEO. “Our industry is at the forefront of this rapid innovation in health care, which is why we are proud to collaborate with Deloitte on this important update to the Medtech Value Framework. We hope it is a valuable tool for medtech companies as they bring their life-saving technologies to patients.”
“It is a business imperative for medical technology innovators to understand, demonstrate, and clearly articulate how their offerings can improve patient outcomes and help health systems and payers create value,” said Glenn Snyder, Global MedTech practice leader and principal, Deloitte Consulting LLP. “In collaborating with AdvaMed on this new framework, our goal is to provide medtech leaders with a practical methodology to consider and address each stakeholder’s unique set of value drivers and ultimately articulate how their innovations benefit patients and create value for the healthcare ecosystem”
Additionally, AdvaMed and Deloitte have developed a report titled A Framework for Comprehensive Assessment of the Value of Diagnostic Tests. The diagnostic industry, along with the broader medtech industry, continues to innovate and provide life-saving resources to patients, but diagnostic companies face unique challenges that warrant this supplemental value framework. Advancements in digital diagnostic devices, including the incorporation of augmented intelligence (AI) and machine learning (ML) are just two novel factors stakeholders must consider as they assess the value of diagnostic technology. AdvaMedDx represents the leading manufacturers of in-vitro diagnostic tests.
Read the full report here.
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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. AdvaMed members range from the largest to the smallest medical technology innovators and companies. For more information, visit www.advamed.org.