The Value of Technology


 

The medical technology industry is a proud, innovative American success story -- both for patients and for our economy. The United States is the world leader in manufacturing life-saving and life-enhancing treatments for patients, and medical device manufacturers are a vital engine for economic growth.

WHO WE ARE (latest data available, 2009)

  • The medical technology industry employs over 500,000 workers
  • This industry supports approximately 1.4 million additional jobs, for 1.9 million high-paying positions
  • In total, generated $113 billion in payroll, with an average salary over $84,000
  • According to Ernst and Young, the average earnings for public med-tech companies is 6% (2010 data)

WHAT WE DO

The med tech industry has been a boon for patient care and cost savings. Between 1980 and 2000:

  • Life expectancies increased by 3.2 years (4%), and death rates dropped by 16%
  • # of days in the hospital dropped by 56%, and the # of people over age 65 with disabilities dropped by 25%

WHERE WE’VE BEEN

  • Medical technology represents less than 6% of the total health care expenditures in the United States (King, 2011).
  • The rate of spending on medical technologies has increased below the rate of inflation. In fact, spending on medical technologies increased at only a rate of 1%, below CPI and the Medical CPI.