Why are medical needs for quality of life so expensive?
It’s hard to disagree. Medical devices are a prime example of a relative handful of manufacturers exploiting a captive market with excessively high list prices. Whether we’re talking hearing aids, insulin pumps, pacemakers or other life-altering technologies, patients almost always are forced to pay far more than the cost of developing and making the devices.
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“The medical device industry is largely an oligopoly, with some of the companies holding effectively a monopoly position,” said an adjunct professor of social policy and management at a University, specializing in healthcare marketing.
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Limited competition allows the medical device companies to charge higher prices because of a lower threat of a competitor entering the market at a lower price.” “This effect is exacerbated by the tight relationships that the medical device companies form with physicians”.
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There’s so much wrong with the $4-trillion U.S. healthcare system alone, it’s hard to know where to start fixing it. Maybe that’s one reason lawmakers are so reluctant to try. High-priced medical devices represent another area ripe for reform — another step toward creating a healthcare system that doesn’t relentlessly put profits ahead of patients.
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Captive market. Steadily rising prices. Huge markups. That’s not value. It’s immoral.
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