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Medtronic CEO Says Medical Devices Must Demonstrate Economic Value

CLEVELAND — Medical device manufacturers must provide evidence that their products provide economic value for customers and patients as health care costs continue to rise, said Medtronic Inc. Chairman and CEO Omar Ishrak Oct. 4.

Medtronic plans to focus more on providing data that shows the economic value of its products to medical facility administrators, said Ishrak while speaking at the Cleveland Clinic’s 2011 Medical Innovation Summit.

“We can through the use of data be a bridge between the administrator and the physician so that the clinical value can be translated into economic value,” Ishrak says.

Medtronic tries to determine the economic value of a device early in the product-development cycle, Ishrak says. This helps the company prioritize which products it plans to fund and arms Medtronic sales representatives with real evidence of economic and clinical value, according to Ishrak.

Read entire article: http://www.industryweek.com/articles/medtronic_ceo_says_medical_devices_must_demonstrate_economic_value_25721.aspx

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