Imperial College London
Alternate

Chris Rao

Faculty of Medicine, Department of Surgery & Cancer

Honorary Clinical Research Fellow
 
 
 
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Contact

 

christopher.rao Website

 
 
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Location

 

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Summary

 

Publications

Citation

BibTex format

@article{Wong:2016:icvts/ivw257,
author = {Wong, KA and Hodgson, L and Garas, G and Malietzis, G and Markar, S and Rao, C and von, Segesser LK and Athanasiou, T},
doi = {icvts/ivw257},
journal = {Interactive Cardiovascular and Thoracic Surgery},
title = {How can cardiothoracic and vascular medical devices stay in the market?},
url = {http://dx.doi.org/10.1093/icvts/ivw257},
year = {2016}
}
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RIS format (EndNote, RefMan)

TY  - JOUR
AB  - Surgeons, as the consumers, must engage in commercial activity regarding medical devices since it directly has impacts on surgical practice and patient outcomes. Unique features defy traditional economic convention in this specific market partly because consumers do not usually pay directly. Greater involvement with commercial activity means better post-market surveillance of medical devices which leads to improved patient safety. The medical device industry has exhibited astonishing levels of growth and profitability reaching $398 billion on a global scale with new product development focusing on unmet clinical need. The industry has rapidly emerged within the context of an ageing population and a global surge in healthcare spending. But the market remains fragmented. The split of consumer, purchaser and payer leads to clinical need driving demand for new product development. This demand contributes to potentially large profit margins mainly contained by regulatory burden and liability issues. Demographic trends, prevalence of diseases and a huge capacity to absorb technology have sustained near unparalleled growth. To stay in the market, incremental development over the short term is essentially aided by responsiveness to demand. Disruptive product development is now more likely to come from multinational companies, in an increasingly expensive, regulated industry. Understanding healthcare organization can help explain the highly complex process of diffusion of innovations in healthcare that include medical devices. The time has come for surgeons to become actively involved with all aspects of the medical device life cycle including commercial activity and post-market surveillance. This is vital for improving patient care and ensuring patient safety.
AU  - Wong,KA
AU  - Hodgson,L
AU  - Garas,G
AU  - Malietzis,G
AU  - Markar,S
AU  - Rao,C
AU  - von,Segesser LK
AU  - Athanasiou,T
DO  - icvts/ivw257
PY  - 2016///
SN  - 1569-9293
TI  - How can cardiothoracic and vascular medical devices stay in the market?
T2  - Interactive Cardiovascular and Thoracic Surgery
UR  - http://dx.doi.org/10.1093/icvts/ivw257
ER  -
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