What is Medical Technology?

The medical technology industry is regarded as a branch with excellentfuture prospects, not only because of its strong innovative capability and high knowledge intensity, but its contributions to the healthcare of the entire population imbue medical technology with a growing societal and economic significance. Quickly changing restorative innovation and accessibility of high innovation analytic and helpful gear together with changing practice example of specialists has reformed the way social insurance is being conveyed today. The present restorative innovation is further developed, more viable, and by and large, more exorbitant than any other time in recent memory. Moreover there is a consistently expanding interest for high innovation demonstrative and helpful human services offices and their accessibility may clash with therapeutic need, social equity and cost viability.

                        Some would go so far to say that the a practice of medicine these days the inherently dependent upon health technology. This is a probably based on the observations that clinicians use a wide variety of technologies in diagnosing, treating and assessing the care of their patients. There is a third important component to a medical technology industry; its contribution to Europe’s and anuy country economy. With a total market of roughly €100 billion, equivalent to around one third of the global medical technology market, this sector as an industry provides a substantial potential to Europe’s economy. It provides more than 575,000 high-quality jobs, across almost 25,000 medical technology companies in Europe. At the same time, the industry allows millions of citizens to be more healthy and remain productive, contributing to economic growth.

                         Any new innovation, process, advancement or item will have a specific level of hazard related with it as, in spite of the insightful expressions of numerous lawmakers, there are no such thing as 'zero hazard'. Truth be told there can be no advancement at all without a component of hazard. Medicinal innovationindustry's perspective is that they need to recognize the suitable perils for an item or process, assess the dangers related with them, decrease hazards by proper hazard control measures in an iterative procedure, taking consideration that we don't accidentally present new dangers by such activities, and consider the general leftover dangers staying after hazard control measures have been executed.

                              Then the decision on the acceptability of that residual risk must take into account the benefit to the patient. Most people inherently believe that the American healthcare system is safe and some countries use it as a yardstick. While this assumption is valid, it is also a fact that between 44,000 and 98,000 Americans die each year as a result of medical errors in hospitals, a number greater than the number of people killed annually from car accidents, breast cancer or AIDS. Recent studies have estimated that medication errors alone account for over 7,000 deaths annually.3 The total national cost (including lost income, disability and medical expenses) of preventable adverse medical events is running between $17-$29 billion dollars annually.4 Medical technology has in this instance help reduce morbidity and mortality from medial errors by providing electronic prescriptions that allow physicians to know if there is drug-drug or drug-food interaction. Some systems goes as far as providing information on physician profiling and disease management but also monitoring and assessing the care delivered to every member in the health plan. For more....