Value of Medical Technology
Medical technology companies create life changing innovation. These advanced medical devices and diagnostics allow people to live longer, healthier and more productive lives. In fact, over the past 30 years, medical advancements helped add five years to U.S. life expectancy and reduce fatalities from heart disease, stroke and breast cancer by more than half.
These advancements also yield savings across the health care system by replacing more expensive procedures, reducing hospital stays and allowing people to return to work more quickly. Between 1980 and 2010, advanced medical technology helped reduce the duration of hospital stays by 58 percent.
The advanced medical technology industry is fueled by small businesses and entrepreneurs, providing high quality jobs and economic growth in communities both large and small. Our industry is responsible for about 1.9 million U.S. jobs, and nearly $150 billion in annual sales.
In order to advance the benefits of medical technology and ensure continued American leadership of this industry, we must have the right public policies to support investment, innovation and patient access.
- Our innovations help patients worldwide live longer, healthier and more productive lives.
- We improve the efficiency of health care systems through earlier disease detection and more effective treatments that reduce the economic burden of disease and the cost of care.
- We drive economic growth by creating high-paying manufacturing jobs in the U.S. and through net exports to other countries around the world.
- The market for our products is highly competitive, which helps keep our prices low