Medical Device Industry

In: Social Issues

Submitted By wolfpackrb
Words 691
Pages 3
Macro Environment Analysis

Industry definition: Medical Device Industry

Description of the trend (what is actually increasing or decreasing) | Pos. or Neg. Effect | Description of how this trend might affect average industry profitability | Economic trends: | | | With the maintenance of the Patient Protection and Affordable Care Act, manufacturers will face a 2.3 percent excise tax on all devices they produce. | Neg | With the 2.3 percent tax added on many companies will see their revenue will go down with the PPACA enforcing this rule upon the industry. | Medical device volume is increasing | Pos | With the PPACA providing insurance coverage for millions of Americans, the volume of medical devices is projected to go up and will lead to less rivalry and more business for all. | Legal and political trends: | | | Food and Drug Administration (FDA) | Pos | Ensure that the medicines and medical devices patients use are safe and effective leading away from law suits and mal practice claims. So with the FDA making rules for the medical device industry liabilities can be avoided. | House Republicans tried to have the tax repealed, drafting a bill called the Protect Medical Innovation Act | Neg | With the Democratic senate party blocking the bill this builds tension between both parties and also makes the industry frustrated with total tax reaching $20 billion. | Ethical issues: | | | Beneficence: Do good for all. | Neg/Pos | With technology being a leading factor in curing and treating patients the medical devices industry is for the better good which is positive, but for those that are uninsured or underinsured availability to the product is scare or to expensive leading to the negative effects. | Diversity - demographic trends: | | | California is home to over 24% of the nation’s medical device manufacturers. | Pos | Therefore,…...

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