Among emerging markets in the medical device industry, China stands apart for its exceptionally...
In 2016, the ever rising cost of healthcare generated some of the most intense public and political debates. Perhaps in no way was this better summarized than the sudden – and shocking – rise in the price of the EpiPen, a life-saving device dispensing epinephrine for the severely allergic. From a price of $100 in 2007, the cost skyrocketed to over $600 last summer. Consumers were outraged, Congress demanded answers, and even the American Medical Association issued a statement urging the EpiPen manufacturer to cut its prices. While the price on EpiPen’s has since decreased, CVS took the opportunity to cut prices on Adrenaclick, a different device from the EpiPen, but one that administers the same drug for a fraction the cost of the name brand. If healthcare costs continue to rise, consumers are more likely to begin looking to off brand and alternative in-home medical devices to replace more expensive name brands. The medical device quality community will need to keep pace with the consumer demand for less expensive products, while ensuring that price-savvy consumers can continue to depend on being provided only high quality products.
Sources:
http://time.com/4470470/epipen-price-drop-generic/
https://www.ama-assn.org/ama-urges-epipen-manufacturer-rein-exorbitant-costs
