A PricewaterhouseCoopers report indicates that emerging countries like Brazil, India and China are emerging as leaders in medical innovation and may well surpass the U.S.
According to the report, medical technology innovators are more frequently going overseas to “seek clinical data, new-product registration and first revenue.” This may lead to a situation where Americans are the last to receive new medical technology. Emerging markets are quickly becoming “the leading markets for smaller, faster, more affordable devices that enable delivery of care anywhere and help bend the health-care cost curve downward.”
According to the report, the emerging nations are not hindered by “entrenched health-care system infrastructure that seeks to maintain the status quo.” The report’s co-author, a managing director at PwC, Christopher Wasden, said that it is important to “rethink our reimbursement system” to the medical tech industry. This may stimulate companies to stay in America.