The Right Technology For The Right Patient At The Right Price

Reasons to Choose This Book

There are several notable reasons why I chose this book as a desirable source to study, analyze and expose learnings to this report. First and foremost, definitely, this is a requirement of a teacher to look for books with main themes related to an innovation management regardless of study areas. However, for a bookworm as me, it is also an ideal opportunity to spend a certain time reading books and broadening new horizons from the key learnings of those. Through many kinds of research, I found out the outstanding book named “Purchasing Medical Innovation: The Right Technology, for the Right Patient, at the Right Price”. Indeed, this book involves numerous key insights that completely satisfy my curiosities in terms of own personal interests. At the first glance, I intended to choose the books with the primary topics being closed to Purchasing and Supply Chain Management. Apparently, I am relatively fond of the Purchasing and Supply Chain Management specialization and this is my prime domain which I am currently pursuing on my current study programs and in the near future, I have a plan to upgrade towards a master degree in this field in an effort to catch insights understanding and gain deeper knowledge based on the long-term studies and researches. Besides, this book refers to the purchasing innovation in a medical field, which is quite abstract and weird for a business student like me.

However, despite many differences, I suppose that I am able to cultivate certain knowledgeable aspects of the medical field, for example, terminology, treatment processes, etc. In particular, strategies in the purchasing innovation, along with minor supportive elements, play integral parts of improving higher efficiencies of the medical operations with an aim to treat patients better by different approaches encouraging incoming technological devices, leading to the comprehensive development and added-value creations of healthcare services on a long-term basis. In spite of many hidden risks related to quality or incurred costs, a combination of two these terms illustrates potential expectations of a mankind through integrating the state-of-the-art measures into countable certain areas in general and in the healthcare segment in particular.

Totally, by this book, my theoretical lessons cultivated from a university have a chance to be reflected in realistic business cases mentioned in the book, thereby enabling me to deeply understand how accurately the purchasing process performs and negative points might exist within. Major contents and messages of the bookFirst of all, the primary contents indicate the importance of the innovations in the healthcare sector, especially a situation in the United States, where evidence-based problems were navigated and discussed. Indeed, by the constantly increasing development of a technological era, the medical service is one of the key sectors gaining many benefits from this.

Gradually, several severe illnesses predicted not to be entirely treated in the past, for example, heart disease, cancer, etc. , have brighter measures in the effort to assist the patients to overcome everlasting pains in a long period. In addition, the technologies offer beneficial points to the health care segment by new breakthrough perspectives restricting surgeons with a wide range of complex procedures and providing better alternatives in these cases, for example, new effective drugs, better regimens or physical therapies. Presently, one of the best results of the medical technologies is a new state-of-the-art system for implantable purposes, providing precious values to the patients who confront with body-part fractures.

Obviously, throughout certain periods, the technology will create chronologically crucial cornerstones and precedents followed by the continuous ones, leading to seamless improvements on the daily basis as well as obtaining mighty achievements for mankind. Nevertheless, the enhancements of the technologies simultaneously increase the higher costs for the healthcare one. Meanwhile, in other industries, for instance, heavy-industrial or agricultural ones, there is a tendency to reduce the wasteful costs existing within the processes by optimizing those much more comprehensive and minimizing as many risks as possible, contributing to the higher efficiencies in entire business performances and thereby offering many more valuable and positive outcomes to the customers.

On the other hand, with countable incoming technological resources, those require purchasers, in this case, the hospitals spend a large sum of money, thus, service fees definitely rise due to large investments for not only electrical and information-modified gadgets, facilities, etc. , but also the compulsory accompanied elements such as the adoption procedures, instructions, etc. For the American nation in specific and many other countries all around the world in general, there is a tough question to answer for a balance between the price and quality in the technology adoption in the technology adoption in the healthcare services. Therefore, there is a notable idea that the procurement process must be carefully managed and audited, ranging from a pre-market inauguration to the final use. Hence, the inclusive factors in that process need highly taking into consideration due to each performance’s impact on the total outcomes. In this book, there are four major involved group segments influencing the purchasing medical operation of the United States healthcare services. Firstly, the “Food and Drug Administration (FDA)” is one of the most prestigious institutions in the United States.

At the first stage of the process, FDA is responsible for inspecting, evaluating whether the technologies regarding the medical area and new products have adequate criteria before the inauguration and issue credentials to those satisfy its standardized requirements. Subsequently, the institution also takes care of supervising how those work after launching, in addition to collecting and gathering data feedbacks for reviews of the following studies and researches. Obviously, its prime objective is to ensure comprehensive safety for the consumers during the period of use and strive to remove the unqualified goods out of a marketplace. Furthermore, by after-launching monitors, FDA also pays attention to minor reactions happening after using with a goal to assure no risky results harming to human health. (Robinson 2015. ) Secondly, insurers play critical roles in promoting the purchasing process smoothly and effectively. Apparently, those take responsibilities of enacting policies in order to cover and compensate for the patients’ payments as well as the technological users, physicians.

Moreover, presently, many insurers in the United States, particularly, one of those is Medicare, one of the largest national insurance centers, has been increasingly implementing coverage expansions regardless of heavy concerns about cost and efficiencies in the effort to popularize and expand the existence of the technologies whilst there is a plenty of various other insurers restricting the explosion of the new modern technologies owing to potential drawbacks affecting their costs with more expensive coverages, and endeavoring to seek similarly alternative solutions with the equivalent efficiencies but the cheaper ones. (Robinson 2015. ) Thirdly, the hospitals, the key potential buyers of the purchasing process, have been competing on keep-up-to-date competitions with each other so as to facilitate the best medical models for supporting the treatment process of their physicians and maximizing structural frameworks towards sustainability and the long-term development (Robinson 2015).

Last but not least, the patients, the final end-users of technological devices, are vital to influencing this purchasing process based on their decision-making impacts and exact experiences (Robinson 2015). To recapitulate, the vital topic of this book significantly surrounds these four key elements and emphasizes each certain operational performance. In a further point of view, a key matter is to take the whole frameworks of the medical technology procurement into considerations, thereby analyzing and navigating accurately the primary negative points and find out the most feasible approaches to mitigate completely. Precisely, the outcomes might be applied for assessments of the following purchases.

Based on the previous studies, the efficiencies would be expected to result in better growth rates. Along with this, the price is also one of the most critical parts. As the result, it is necessary for each factor within the purchasing process, especially technology producers, to form the price being suitable with their supplies in return and the buyers’ affordability as well as their operational capabilities. The technology-expansion purposes are one of the most crucial elements being encouraged to maintain and develop in a long run. Thus, a price set-up is encouraged to simultaneously match with their certain needs of the involved factors for obtaining the high returns for re-investments of the chronological businesses and brighten the potentials of the technology adoptions. (Robinson 2015).

At least, under any circumstances, to satisfy and meet the user needs and expectations is the ultimate requirements. The main message is not only to concentrate entirely on the total improvements of technology purchasing process of the medical sector, but also to put dramatic emphasis on assembling structures of the value creations with the lowest plausible costs. In addition, to obtain certain successes of a consolidation, it also requires commitments to implementing and carrying out strictly, transparently the particular medical procedures based the technological tools. It is clear that the technologies are only the minor assisting factors, the main responsibilities rely dramatically on how the hospitals and the main operators, the clinical doctors, integrate into their prioritized tasks and find out the best solutions for the patients’ disease cases.

Why should read this book? From my perspectives, this is a good book since it encompasses numerous precious knowledge and lessons needed for a business administration field in general and the Supply Chain Management in specific. Obviously, in some circumstances, it is relatively boring for those readers who are interested in the business field but other areas, for instance, the healthcare services, as the major contents significantly focus on many applicable technologies in the medical sector in the effort to progress the disease treatments towards the long-term healthcare enhancements. In order words, there are countable abstract terminologies needed understanding deeply for catching up with entire images of the medical operations as well as complicated applications and distinctive procedures existing only in the healthcare services but nowhere else. Nonetheless, the book also opens a new path for the readers to broaden new horizons regardless of their exploring interests. For instance, taking me as the prime example, at the first research, I was only fond of a title as it is relevant to my desirable topics for which I was looking.

Continuously, I increasingly got bored owing to the abstract contents, but I supposed that this should be the opportunity to learn and think out of the box in many other specializations, areas, and those might be helpful for my future career. Actually, the book not only emphasizes substantially on the medical picture but also the general business knowledge applied within that process. In order words, it involves progressive stages of how strict the evaluation of medical-technological measures should be, how flexibly price deals should be conducted and then, how effectively those should be used. Consequently, it is believed that the case mentioned in the book is a powerful tool for especially the business students to reflect their knowledge theories based on this real-world situation.

Additionally, for the difficult stage as this medical one, it is also a challenge due to distinctive features, for instance, the tough requirements in each the purchasing process’ steps. Eventually, I recommend that everyone, particularly who has the business-area interests, should read this book, even as a one-time event, and spend the certain time analyzing and digesting carefully and completely its meaningful lessons would deliver a wide range of realistic aspects and dimensions needed for business-knowledge cultivation and sufficient preparation for a future-career life.

18 May 2020
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