In addition to dedicated medical, clinical and quality specialists, companies have health care economists, reimbursement specialists, data analysts and others who can also help physicians and health systems deliver better patient care.
For such partnerships to work, however, all stakeholders must be willing to look beyond their traditional roles and collaborate in new ways. Government watchdogs will also need to rethink traditional anti-kickback rules that limit how medtech companies can partner with health care providers.
We need to define innovation more broadly to include how medtech companies partner with all stakeholders to develop solutions that enhance care and benefit the overall health care system.
EY: What is AdvaMed’s response to new, nontraditional companies developing medical technologies?
Yared: We created AdvaMed Digital last year as an essential resource for digital health companies and traditional medtechs. It is also a key stakeholder in shaping the policy environment for this emerging area of health care.
Digital technologies will only achieve their potential for patients and health care systems if public policies are in place that promote innovation along with patient safety. At the same time, these digital companies, many of which have never before marketed health care products, will only succeed if they understand the various regulatory and reimbursement requirements — many of which are still being developed.
Of course, it is not only new or nontraditional companies that are part of the digital health revolution. Companies such as Medtronic, Boston Scientific and Johnson & Johnson are all very active in this space, and they benefit from being part of AdvaMed Digital as well.
There are so many challenging issues in this space. By bringing together the new entrants and the more traditional players, both groups benefit from hearing different perspectives and can help craft policy positions that foster innovation, not inhibit it.