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Med-tech innovation demand seen driving partnerships with startups

Friday, April 25, 2014  
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From Chicago Tribune's Blue Sky Innovation

Climbing costs and regulatory pressures on medical-devices companies — and the hospitals and clinics they serve — will drive more innovation partnerships between established firms and medical technology startups, a panel of Illinois med-tech CEOs said Thursday.

Those same pressures will ripple through the medical ecosystem and increasingly drive more information, choice and costs to patients, said Lester B. Knight, founding partner and co-chairman of RoundTable Healthcare Partners.

The CEOs said it will be a mixed bag for the consumer, who may pick up more of the bill currently paid by HMOs and insurance but will know when a price is out of line and where to find a better price for comparable quality nearby.

“Once the consumer is into it and can compare offerings, data on quality and what procedures they actually need,” Knight said, “that will change the economics dramatically and put pressure on the system to come up with lower costs and good quality.”

Knight made those comments shortly before moderating a 40-minute discussion at the University of Illinois at Chicago Pavilion involving Hill-Rom CEO John J. Greisch, Diagnostic Photonics CEO Andrew Cittadine and Beaver-Visitec International CEO Thomas Kapfer.

The panel was hosted by iBIO IndEx 2014, an association of companies in medicine, life sciences and medical devices.

Read the rest of this article on the Chicago Tribune's Website

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