Originally Published MX March/April 2004
BUSINESS NEWS
Capitol Hill Briefing Highlights Value of Healthcare Investment |
| Bryan Luce |
FDA commissioner Mark B. McClellan and members of Congress gathered in mid-February to discuss new research that quantifies the value of investment in the U.S. healthcare system. A recent study released by a coalition of healthcare organizations asserts that investments in healthcare technology and services produce benefits that are worth up to three times their cost.
The report, titled The Value of Investment in Health Care: Better Care, Better Lives, claims that the improved health of the U.S. population over the past two decades is worth its accompanied increased spending. Among its findings, the study cites that since 1980, annual death rates declined 16%, disability rates for seniors declined 25%, and the number of days people spent in the hospital declined 56%.
"This unprecedented study provides strong evidence that the value generated by investments in healthcare greatly outweighs the costs," said Bryan Luce, international chairman of Medtap International Inc. (Bethesda, MD) and director of the study.
Released at the end of January, the report is aimed at lawmakers who are addressing the rising costs of healthcare. Attending the Capitol Hill briefing were members of the bipartisan House and Senate medical technology caucuses, including Senator Norm Coleman (R– MN), Representative Jim Ramstad (R–MN), and Representative Anna Eshoo (D–CA). Luce also attended.
"The continuing debate in Congress and the states over spending on healthcare must consider the important benefits to society and the value of each dollar spent," said Luce. "Policymakers, payers, and other healthcare providers must work together to ensure that discussions focus on the value of investment in healthcare, not simply the cost."
According to industry association AdvaMed (Washington, DC), the report should help reshape the healthcare cost debate.
"Through significant investment in R&D, medical technology has advanced to the point where it is transforming healthcare, helping to dramatically improve lives and reduce healthcare spending," said Pamela Bailey, president of AdvaMed, in a prepared statement. "New medical technologies detect diseases earlier and offer new, more-effective treatment options for leading causes of disability and mortality."
Copies of the report are available on-line at www.medtap.com.
Copyright ©2004 MX
