Generic Orthopedic Implants Time has Come (MedCrave)
Read ALL Generic articles
The U.S. orthopaedic implant industry is a $20 to $25 billion business and amazingly, almost 75% of these time-tested (stable) technologies have expiring patents. This typically means it is no longer necessary to continue to pay a premium for these products. In most other industries, as technologies become stable, they become a value proposition and thus, price declines over time. My biggest fear in buying an iPhone is that a better (and cheaper) one is going to be released next month. There are a few areas in medicine in which this free market concept has flourished. Lasik eye surgery used to cost $4,000 per eye. Now you can get the procedure done for $269, with better equipment.
Only a handful of incumbent suppliers control 90% of the orthopaedic market, and they defend their pricing by stating that they have to pay for R&D and regulatory approvals for their products. Pharmaceutical companies spend about 20% of revenues on R&D. Orthopaedic companies spend 6%. Pharmaceuticals require lengthy development processes and regulatory approvals that cost hundreds of millions of dollars. Most orthopaedi...
