As Congress Zeroes In On Health Costs, Medical Device Makers Ready Their Story

As Congress brings drug makers, PBMs and others in the healthcare industry in for hearings on the rising cost of medical care, the medical device industry says its armed and ready to go, a top executive says.

Kevin Lobo, the CEO of the giant medical device maker Stryker, is ready to launch an educational campaign of members of Congress and the public at large on the share of medical spending device makers are responsible for in his new role as chairman of the board of the Advanced Medical Technology Association (AdvaMed). AdvaMed represents the world’s biggest medical device and technology companies including Abbott Laboratories, Johnson & Johnson, Medtronic and hundreds of startups and smaller firms.

Though the price tag of a medical device can be four- or five-figures and certainly plays a role in the five-figure cost of a heart surgery, knee or hip replacement, it’s an innovation that tends to be a one-time expense for an insurer, the government or a one-time co-payment or deductible for a patient with coverage.

“And you don’t pay any more after that,” Lobo said in a conference call with healthcare reporters Friday as he begins his two-year term as chair of the board of AdvaMed. “We will make sure that is well understand especially among new members of Congress.”

The new AdvaMed chairman said the share of total U.S. health spending attributed to medical devices has been around 6% for three decades. And dipped to 5.2% in 2016, according to figures AdvaMed discussed Friday.

Lobo vowed to communicate medical device makers story on costs more loudly than in the past and “more directly” to Congress, particularly to the more than 90 new members elected in last year’s midterms.

By  | Forbes

Image Credit: Stryker

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About Peter Coffaro 504 Articles
Peter Coffaro is a growth-driven and strategic executive with over 25 years of progressive management success in the medical device industry. With a proven track record and recognized expertise, Peter has established himself as one of the top influencers in medical sales, as acknowledged by prestigious publications such as the World Journal of Orthopedics, Exponential Healthtech, and MedReps.com. Throughout his career, Peter has accumulated 10 years of combined sales management experience, excelling in various roles including Director, General Manager, Distributor, and Vice President. He has worked for industry-leading orthopedic companies such as Zimmer, DePuy, and Stryker, solidifying his deep knowledge and network within the field. Peter’s passion for innovation and emerging technologies led him to found OrthoFeed, an award-winning blog covering digital orthopedic news and emerging medical technologies. Through this platform, he stays at the forefront of the industry and contributes to the dissemination of valuable insights. Peter is a three-time Hall of Fame award winner at Johnson and Johnson, demonstrating his exceptional contributions and impact on the organization. His expertise extends to areas such as organizational development, business development, sales management, digital marketing, and professional education. Peter earned a B.S. degree in Biology and Chemistry from Northern Illinois University, further complementing his comprehensive understanding of the medical field. With his wealth of experience, strategic mindset, and dedication to advancing healthcare, Peter Coffaro is a valuable asset and leader in the medical device industry.

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