An extract article from Impacts volume 5
A decade or so ago, when pharmaceutical companies were enjoying the profit from blockbuster products, the emphasis was on bringing new products to market as soon as possible with little regard for device cost.
To some extent, this culture still prevails. Lack of attention to costs has been especially common among manufacturers of medical devices.
With drug delivery devices, in particular, drug costs can outweigh device costs by as much as 1000:1, and so attention naturally focuses on optimising drug delivery rather than device cost.
Today, however, healthcare companies urgently need to achieve cost reductions in all areas if they are to provide the levels of returns that investors expect.
This is true even in the medical device market, where increased competition is intensifying the pressure to reduce costs.
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