4 days ago
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I’m very interested in your take on this.
Mahesh Mulumudi, MD, is Division Chief of Medicine for Providence Regional Medical Center. He probably has as much influence on hospital buying decisions as any clinician there.
Which made his comments during our free-ranging interview sting.
Hear what Dr. Mulumudi had to say. [07:40 minutes]
I transcribed the discussion for you on the 10x Conference site.
Paraphrasing, Mahesh said,
Often, he said, competitive product improvements are “splitting hairs.”
They are insufficient to interfere with hospital economics.
I pressed him on the hurdles for innovators. [02:50 minutes]
I’m afraid his answer made it sound even worse than I anticipated.
Greenlight Guru’s Jon Speer concurred. [01:55 minutes]
He asked, “It doesn’t sound as though the system is set up to make sure patients are getting the best care possible. Can you comment on that?
Overall, this is a really important conversation we need medtech entrepreneurs to hear – and internalize – before they spend millions on development only to face failure in the marketplace.
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What I hear is his speaking both ways. We look for less expensive and no we look for what works best. I was very upset by the statement about physicians having a conscience. I do know surgeons who put money first and patients last. Fortunately, most of the ones I have worked with are better people than that; not that they don’t make LOTS of money, but they care that their patients get good care. I consult and work with smaller companies, internationally, and have been since 2001, and the emphasis on bundling has been there for at least the past 10 years. Very frustrating to innovators and a headache for smaller companies, but I also remember that costs were getting so out of control that hospitals could not afford good technologies, so the market was ripe for the bundle bargain approach.
I would like to hear how this affects mid-sized companies, since they are not hoping to sell and I have no experience there.
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