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Medical device Industry
The growing demand for products that are good enough and competitively priced has pushed medical-product manufacturers to develop strategies to attract and retain this new segment of customers.
The medical-device industry is facing challenging headwinds. As governments and health insurers worldwide implement measures to control costs, public hospitals are operating on tighter budgets, while private facilities are receiving lower reimbursements. These measures are triggering a transformation of the purchasing process that will change the way that medical products are bought and valued.
In the developed world, decisions that used to be the sole preserve of doctors are now also made by regulators, hospital administrators, and other nonclinicians. This broader set of influencers comes with different objectives (for example, the prioritization of cost effectiveness or even just costs). The result of this phenomenon is a shift from individual outcomes to a focus on population-level effectiveness, such as the overall improvement seen within a population for a given level of spending. Meanwhile, emerging markets, once seen as a safe haven for premium products thanks to their growing middle classes and rising investments in healthcare, are leapfrogging developed economies and introducing cutting-edge purchasing processes and pricing mechanisms.