Medtech Stakeholders Must Speak The Common Language Of Innovation And Reward Value
The current system of paying for medical technology includes perverse incentives, which means that the full benefits that innovation can deliver are not being accessed. So says AdvaMed chairman Nadim Yared, who believes the US association's new "value framework" is the way forward for medtech stakeholders. A key element is ensuring that all players speak a common language – one that also recognizes and promotes appropriate ways of paying for innovation.
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As the US health care system shifts from a fee-for-service to a value-based approach, In Vivo asks Don May, EVP for Payment and Healthcare Delivery Policy at AdvaMed, about the association's renewed push behind the value frameworks and what he hopes the industry's drive to build on patient engagement, among other aims, will achieve.
New frameworks issued by the trade group attempt to press the industry's view of "value" and how it should be measured for medical devices.
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