Implications of Regulation in Medical Technology

Implicationsof Regulation in Medical Technology

Implicationsof Regulation in Medical Technology

Medicaltechnology is a very important part of health care industry. Itincludes an extensive variety of healthcare products. This has left ahuge debate among quite a number of the United States economists aswhether the two can operate well in health care sector. Medicaltechnology comprehends a wide range of healthcare products and it isused to detect, observe or treat medical conditions that affecthumans (Teitelbaum&amp Wilensky, 2013).

TheUnited States’ Food and Drug Administration (FDA) passes new lawsmore often which are used to impact the daily operations of a medicaltechnology. These regulations are no so much cost effective to thestakeholders of this sector. Some of these regulations are causinghuge qualms especially for project capital stakeholders [CITATION Ray12 l 1033 ].FDAhas regulated medical technology by imposing laws and regulations onthem and this is causing healthcare investors to pull-back theirinvestment.

Thiscurrent state of regulation is not appropriate. This is because Ithink it is causing the healthcare industry, particularly the medicaltechnology to loose many stakeholders of the industry. Other firmsare investing in Europe and Asia where governing and productdevelopment are cost effective [ CITATION Ray12 l 1033 ].

Inthe submarket of medical technology, FDA should manage to ease thestakeholder concern by streamlining and reforming the regulationsset. This will help to remove the regulatory process as a barrier toinnovation (Teitelbaum&amp Wilensky, 2013).There has to be intelligibility and openness in the government toenable investors to have their faith back in medical technology [ CITATION Ray12 l 1033 ]. These solutions will help medical technology in the U.S be morecompetitive.

Theproposed solutions will not be of any negative impact to eitherinvestors or the U.S government for it will benefit both parties.

References

Leach, R. (2012, Januaey 14). Huffington Post. Retrieved from Huffington Post web site: http://www.huffingtonpost.com/ray-leach/medical-technology-how-re_b_1015689.html

Teitelbaum J. B. &amp Wilensky S. E. (2013). Essentials of Health Policy and Law Second Edition. Washington, DC: Jones &amp Bartlett Learning, LLC

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