The Cost of Innovation in Healthcare

Medical technology is driving innovation in healthcare and is essential in virtually every aspect, from patient care to efficiency. Despite being expensive, the benefits are immense, as modern technology has advanced medicine and subsequently, human life by leaps and bounds. Telehealth, telemedicine, and wearable technology allows doctors to gather information and diagnose a patient, allowing patients to stay at home for check-ups. Robotic surgeries and prosthetic implants are becoming cheaper and easier to produce. However, some argue that competition and outdated legislation make medical technology costly. Medical technology also creates opportunities for quality, easily accessible care if business models keep up with the industry's rapid pace of change.