Newt Gingrich, former speaker of the House and possible presidential candidate, is calling for transparency of prices for medical devices from hip implants to stents, according to a report by DOTmed.
In a column, Mr. Gingrich said Congress should ban exclusivity agreements between device makers and medical providers making their agreed-upon prices confidential. This makes "true price competition in the $153 billion medical-device marketplace impossible" and prices can be marked up "hundreds of percentage points," Mr. Gingrich said.
He cited a 2009 report from McKinsey Global Institute showing hip implants cost 60 percent more in the United States than in several major European countries. In 2007, however, Congress failed to pass a bill that would have required implantable device makers to report sales data to the government.
Read the DOTmed report on medical devices.
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In a column, Mr. Gingrich said Congress should ban exclusivity agreements between device makers and medical providers making their agreed-upon prices confidential. This makes "true price competition in the $153 billion medical-device marketplace impossible" and prices can be marked up "hundreds of percentage points," Mr. Gingrich said.
He cited a 2009 report from McKinsey Global Institute showing hip implants cost 60 percent more in the United States than in several major European countries. In 2007, however, Congress failed to pass a bill that would have required implantable device makers to report sales data to the government.
Read the DOTmed report on medical devices.
Related Articles on Medical Devices:
5 Tips for Lowering Implant Costs at Orthopedic Surgery Centers
Device Makers' Confidentiality Will Raise Costs, AHRMM Says
ETHOS Founder: Don't Be Easily Allured by Medical Technology