Medical Innovation: Costs, Benefits, and Impact on Healthcare

This report examines the costs and benefits of medical innovation, focusing on its impact on healthcare. It discusses the increasing costs associated with new medical technologies and pharmaceuticals while acknowledging the advancements in treating chronic and life-threatening diseases. The report references sources that highlight the value of medical innovation in saving lives and reducing the need for expensive hospital stays and surgeries. It argues for a shift in perspective, viewing medical innovation as a cost-saver rather than solely a cost driver, and emphasizes the role of innovation in improving the quality of life through advanced treatments and technologies.

Running Head :Medical Innovations 1
Medical Innovations
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Medical Innovations
There is the importance of medical innovation because it helps the future of every nation
in terms of fighting conditions and diseases. As I was reading through this article, "Costs and
Benefits of Medical Innovation - Medical Innovation in the Changing Healthcare Marketplace -
NCBI Bookshelf,”), I found out that a lot of concerns about the increased costs of health care has
been expressed by the public. Because of the current medical innovation, the costs of healthcare
have driven up. The cost of drugs administered by health professionals these days display a great
variation with the value costs of drugs that were administered in the past years.
According to the World Intellectual Property Organization, INSEAD, & Cornell University,
(2019), there is a greater value of medical innovations. They have led to the improvement in
human health because pharmaceutical, medical technology, biotech, diagnostics, and device
companies have helped people to live a life of greater quality and with less pain. They have
helped in the eradication of dreaded diseases in the world such as polio. Chronic diseases such as
AIDs have stopped being death sentences because people can live for long.
It is good to use money and make a disease be eliminated through the use of expensive
medications and therapy. We overlook the benefits of medical innovations of saving the lives of
patients after their chronic conditions get cured, ("Value of Medical Innovation: Saving Lives,
Saving Money,"). It is because of these innovated medicines, tools, therapies and medical
technologies that people’s frequent visits to see doctors in hospitals has been halted. People no
longer stay in hospitals for prolonged periods and through these innovations, people can avoid
expensive surgeries. It is the high time we started looking at this benefit of medical innovation
and stop looking at the activity as a cost driver instead of a cost – saver.

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References
The Costs and Benefits of Medical Innovation - Medical Innovation in the Changing Healthcare
Marketplace - NCBI Bookshelf. (n.d.). Retrieved from
https://www.ncbi.nlm.nih.gov/books/NBK220598/
The Value of Medical Innovation: Saving Lives, Saving Money. (n.d.). Retrieved from
https://hinj.org/the-value-of-medical-innovation-saving-lives-saving-money/
World Intellectual Property Organization, INSEAD, & Cornell University. (2019). Global
Innovation Index 2019: Creating Healthy Lives — The Future of Medical Innovation.
WIPO.