News & Trends - Medical Technology

Medical devices industry delivers savings according to new report

Health Industry Hub | May 20, 2020 |
[Total: 1    Average: 4/5]

MedTech News: The March 2020 quarter statistics on Private Health Insurance highlight once again the savings that have been delivered by MTAA’s Agreement with the Commonwealth, despite the enormous financial pressures being faced by the medical devices industry as a result of the COVID-19 pandemic.

According to the Australian Prudential Regulation Authority (APRA) statistics, the total benefits paid for prostheses decreased by 10.9% in the March quarter compared to the December quarter 2019.

This is a direct result of the $1.1 billion dollars in cuts that MTAA delivered through its October 2017 Agreement, and a crucial demonstration of the significant contribution that MTAA is making towards affordable health care.

“Our Agreement with the Commonwealth is delivering real and tangible outcomes as we continue to work to hand-in-glove with federal and state governments to supply critical medical equipment,” said Ian Burgess, MTAA CEO, today.

Register FREE & join 22,000+ industry professionals in reading the latest industry news & engaging content from Health Industry Hub, the ONLY one-stop-hub connecting Australia’s Pharma, MedTech and Biotech industry professionals.

“Through $1.1 billion in cuts, we have demonstrated that the medical device industry is willing to work collaboratively with all stakeholders to deliver value and affordability to consumers.

“Despite facing unprecedented financial pressures, including an increase in freight costs of up to 600%, revenue reductions of up to 90% and a falling Australian dollar, the medtech has industry has worked tirelessly to ensure supply throughout the COVID-19 pandemic,” Mr Burgess said.

The APRA data shows private health insurers continuing to enjoy strong profitability, which is expected to increase significantly as a result of the temporary pause in elective surgery, with premiums set to go up at the end of 2020.

“We will continue to deliver the savings that were promised as we expedite the manufacture and supply of crucial medical equipment to the frontline of the fight against COVID-19, which remains the number one priority of our members,” Mr Burgess concluded.

In alignment with the Federal Government’s mental health initiative the #SelfcareInHealthcare campaign has been launched to support Pharma, Biotech and MedTech industry professionals. The initiative is supported by Medicines Australia, AusBiotech and ARCS Australia. Learn more.


About the author

About the author

Lorem ipsum dolor sit amet, consectetur adipiscing elit. Nam luctus finibus scelerisque. Nunc bibendum ipsum sed augue fringilla fringilla. Nullam at consectetur leo. Praesent viverra rutrum porta. Quisque vitae mi vel purus vulputate tincidunt. Class aptent taciti sociosqu ad litora torquent per conubia nostra, per inceptos himenaeos. Suspendisse et mi quis nisi rhoncus feugiat at ac tellus. Sed aliquam sodales nulla ac auctor. Sed pretium lobortis purus accumsan ullamcorper. Phasellus sodales vel odio in lobortis. Duis maximus sagittis bibendum. Interdum et malesuada fames ac ante ipsum primis in faucibus. Nunc dictum tincidunt ipsum in vestibulum. Donec ut sem consectetur, aliquam quam vitae, pharetra orci. Nam egestas non velit eu rhoncus. Duis congue neque non lacus tincidunt porta. Vestibulum ultricies pulvinar sem, molestie congue dui aliquet non.
  • Ut imperdiet leo id lorem fermentum consectetur.
  • Ut vitae orci et dui varius tincidunt.
  • Ut id magna non libero vestibulum pharetra ac faucibus nulla.
Aliquam erat volutpat. Vestibulum vitae varius diam. Nulla eget congue ante. Nunc ullamcorper sagittis augue vel dictum. Mauris finibus nibh ut pulvinar auctor. Vestibulum ut faucibus nisi. Orci varius natoque penatibus et magnis dis parturient montes, nascetur ridiculus mus. Quisque porta tortor ac justo malesuada elementum. Nulla tellus ante, cursus nec ex sit amet, suscipit bibendum arcu. Duis posuere orci dui, et mollis enim dictum at. Sed ullamcorper, sapien ut vulputate viverra, sem purus porttitor tellus, nec mattis mauris ligula sed risus. Nulla sagittis id ipsum eu mattis. Link to full profile

News & Trends - Medical Technology

MedTech News - State first heart procedure with non-invasive technology most commonly used to combat cancer

State first heart procedure with non-invasive technology most commonly used to combat cancer

Health Industry Hub | August 4, 2020 |

MedTech News: A team of cardiologists and radiation oncologists from Fiona Stanley Hospital (FSH) and GenesisCare, have become the first […]

More


News & Trends - Pharmaceuticals

Pharma News - Medicines Australia calls for a focus in planning Australia's future in health

Medicines Australia calls for a focus in planning Australia’s future in health

Health Industry Hub | August 4, 2020 |

Pharma News: Medicines Australia Chief Executive Officer, Elizabeth de Somer has urged a focus on planning for the future – […]

More


News & Trends - Medical Technology

MedTech News - Australian-first procedure for chronic pain sufferers

Australian-first procedure for chronic pain sufferers

Health Industry Hub | August 3, 2020 |

Please log in to Health Industry Hub to view this content in the ‘News & Trendsmenu →Medical Technology’ sub-menu.

More


News & Trends - Pharmaceuticals

Pharma News - New PBS listings in lung cancer, epilepsy and ovarian cancer – AstraZeneca, Roche, Pfizer and Emerge Health

New PBS listings in lung cancer, epilepsy and ovarian cancer – AstraZeneca, Roche, Pfizer and Emerge Health

Health Industry Hub | August 3, 2020 |

Please log in to Health Industry Hub to view this content in the ‘News & Trendsmenu →Pharmaceuticals’ sub-menu.

More