To encourage this approach, which would lower device costs, the Institute proposes to revamp funding and regulations of devices and introduce public-private collaborations. One example of value-driven engineering is a one-use patch developed by iRhythm Technologies that allows patients to monitor their heart rhythms over a fortnight for about the same cost as a blood test.
Proponents said value-driven engineering would help preserve the United States’ position as the leading producer of medical devices, accounting for about 40 percent of an estimated $350 billion in global sales.
In March, the Institute convened a summit on value-driven engineering in Washington, D.C., attended by representatives of the Cleveland Clinic, Johns Hopkins University, Massachusetts Institute of Technology, Mayo Clinic, Medtronic, Orthopaedic Research Laboratories, Stanford University and The University of Akron.
Read the Austen BioInnovation Institute release on medical device design.
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