Millions to benefit from medical device price cuts
Tuesday, 04 February, 2020
Millions of Australians with private health insurance will benefit from price cuts to thousands of medical technologies treating heart and lung disease, diabetes, bone cancer, eye trauma, severe arthritis and more.
The cuts 鈥� which came into effect on 1 February 2020 鈥� come in the wake of the 鈥檚 (MTAA) agreement with Federal Health Minister Greg Hunt in 2017, which is on track to save $1.1 billion off the cost of medical devices by 2022.
鈥淭his agreement with government continues to help more Australians access more medical technology at less cost,鈥� MTAA CEO Ian Burgess said. 鈥淭hat is what I call a win-win-win for patients, taxpayers and industry.
鈥淭oday鈥檚 announcement also debunks the long-held claim that the cost of individual medical technologies continue to rise, when the vast majority are actually falling in price.
鈥淭his is further evidence that when governments work with the medical technology sector, patients get a good deal more.鈥�
Over three million medical devices were used to treat Australians with private health insurance last year alone.
Burgess commented that medical technology was evolving and becoming as much about improving lives as about saving them.
鈥淭wo of the biggest contributors to Australia鈥檚 ill health are inactivity and isolation 鈥� and the two are often linked, particularly as we get older.
鈥淚ncreasingly, medical technology is being used not just to save lives, but keeping Australians more mobile, social, and now, working, for longer, which are all essential to the future health of our ageing population and economy.
鈥淭hese medical technologies are also continuing to improve patient recovery and operating times, for less cost, meaning better outcomes for the health system and the budget,鈥� he said.
| 听颁辞苍诲颈迟颈辞苍 | Med Tech | New price (Feb 2020) | Savings (Feb 2020) | Savings since agreement (2017) |
| 聽Heart disease | Pacemaker | $35,132 | -$2848 | -$12,343 |
| 听顿颈补产别迟别蝉 | Insulin pump | $8574 | -$451 | 鈥� |
| 聽Severe arthritis (Hip) | Replacement joint | $8351 | -$393 | -$853 |
| 聽Lung disease | Airflow valve system | $5686 | -$299 | -$614 |
| 聽Bone cancer (leg) | Artificial bone | $7066 | -$181 | -$428 |
| 聽Eye trauma | Artificial (glass) eye聽 聽 聽聽 | $1741 | -$92 | -$189 |
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