New devices have impacted the medical device industry each time a new device has been invented. The industry is still the most lucrative, and advanced in concerning research and development. The medical field must continue to be innovative since technology still continues to be innovative. The idea that the industry itself is slowing down is – rather absurd! The medical device industry must continue to advance as once “new” techniques become “old” techniques! The invention of a new devices is not so simple compared to creating other patented inventions like machinery. Medical devices must also be tested which requires test subjects. While testing aims to be safe, it can still be disastrous!
While disasters have happened during the testing phases of a new devices, the industry has not suffered from those disasters. This is due in-part of security measures in place to act quickly in event of emergency. Also records are processed each step of the way that provides sufficient documentation to assist in handling an alert. The testing phase of a new device is the most important as it determines whether or not the device is ready for government approval. Since devices are often engaged in the “life or death” scenarios, the government also has additional testing for each new device invented. This ensures the device was designed according to specification and not altered in any way.
What’s Next for the Industry?
The state of the medical industry has not ASD, micro vascular changed even in this period of recession and economic turmoil. The research and development of a new device by itself could last longer than any recession the economy could face. The financing required to transform a device from an idea to reality is a feat in itself. The state of the industry is not going to falter due to an economic downgrade. There are more medical devices probably awaiting patent clearance since the U.S Patent and Trademark Office (USPTO) has more than 170,000 patent applications open and waiting for review.