ECRI Institute, an independent non-profit dedicated to improving patient care and safety, has formed a formal strategic partnership with LSE Health and Social Care at the London School of Economics and Political Science (LSE) to tackle the issue of medical device pricing.
The two organizations will be collaborating in a project examining medical device pricing across a range of different countries.
Medical devices are estimated to account for some six to seven percent of total health expenditure in the US and European countries. Yet, little is known about the factors that determine prices and anecdotal evidence suggests that prices of identical devices may vary significantly between individual buyers and countries.
"Reducing costs in the healthcare system is critically important for hospitals and health systems worldwide," said Dr David Watson, vice president of European operations for ECRI Institute.
"We anticipate that our partnership with LSE will yield the kind of research results that are needed to make device pricing more transparent."
ECRI Institute, LSE, Medical device pricing, Dr David Watson, US