FMP 2016

Medical Technology

Medical technologies benefit the lives of people

in many ways. Through the use of such technologies,

people can live healthier, more productive and

independent lives. Many individuals who previously

may have been chronically ill, disabled, or suffering

chronic pain can now look forward to leading normal

or close-to-normal lives.

In the treatment of cardiovascular disease,

the use of coronary stents – artificial tubes used in

cases of coronary heart disease to keep the arteries

open – has halved the number of those dying from

heart attacks or suffering heart failure. Patients with

an Implantable Cardioverter Defibrillator (ICD) – a

small device implanted for those at risk of sudden

cardiac death – now have a 98% chance of surviving

a cardiac arrest, compared with only 5% without the

implantable device.

For those who suffer from diabetes – a disease

which is becoming increasingly common, and which

places a substantial burden on health systems – now

have access to very accurate blood glucose monitoring

technologies. This means that patients can monitor

on a daily basis and control their condition much more

effectively, sharply reducing the risk of suffering the

common but debilitating complications of diabetes,

such as blindness and peripheral nerve damage.

Those undergoing surgical procedures also

benefit from the ongoing advances in medical

technology. The minimally-invasive surgical

techniques which are now used to treat aneurysms

can mean a recovery time of around four weeks,

compared with over a year for older procedures. Using

new medical technologies, endometrial ablation, as

an alternative to hysterectomy, has a recovery time

of just two to four days; the alternative needed six to

eight weeks.

What other benefits does medical technology deliver to society?

Innovative medical technology is an increasingly

important driver for delivering efficiencies in healthcare

systems. Despite consuming a low and relatively

constant 5-10% of national health expenditure,

between 2000 and 2008, medical technology has

reduced hospital stays by an average of around 13%.

This shift from in-patient to out-patient care provides

substantial cost savings, as well as improving quality

of life. Given the combination of Europe’s ageing

demographic and the current economic climate,

the value of these increased efficiencies cannot be

overstated.

Cataract surgery, for example, which used

to require a three to five day hospital stay, is now

almost universally undertaken in day-care centres.

Total knee replacements provide a cost-effectiveness

ratio of around €14,000 per quality-adjusted life year

(measure assessing the value for money of a medical

intervention), by rehabilitating those people who

would previously have required considerable home

life support.

Just as important is the role that medical

technology plays in allowing people to remain valuable

and contributing members of society. Conditions such

as cataracts or severe arthritis would previously

have delayed or prevented people from returning

to work or even to normal day-to-day life. However,

the advances made by the industry in treating these

conditions have helped overcome these challenges,

reducing or removing the hurdles to rehabilitation.

This significantly improves quality of life and selfesteem

for many individuals. Equally important is

medical technology’s role in keeping Europe’s ageing

workforce active, assisting the European Union to

remain competitive in the global economy.

What are the wider economic benefits of medical technology?

The medical technology industry is a sizeable

contributor to the European economy. It provides

large numbers of high-quality jobs, attracts substantial

inward investment and has created a hub for

innovation.

The European market size is estimated at roughly

€100 billion – around 30% of the world market. The

sector directly employs around 575,000 people in

Europe, many of those in highly skilled, high-value

innovative jobs. Furthermore, some 95% of medical

technology companies are Small and Medium

sized Enterprises (SMEs) sector, most of which are

dedicated to investing in research and development.

On average the medical technology industry reinvests

around 8% of sales into product research and

development.

This continuous cycle of investment has made

Europe a hub of excellence for innovation in medical

technology. The industry is growing at more than 4%

per annum, and is attracting increasing amounts of

inward investment, outstripping the United States as

a target for venture capital.

Available at: <http://www.eucomed.org/medical-technology/ value-benefi ts>. Retrieved on: July 30th, 2015. Adapted.