Innovative health technologies such as medical devices (e.g., coronary stents) are associated with improvements in health outcomes, including quality of life, disability levels, and mortality rates. Nevertheless, discussion of medical devices and other technologies oftens centers around the fact that they are a principal driver of increased health care costs, with limited attention paid to the value provided by new devices - from advancements in health to improvements in the economy and general societal welfare.

So far, there is only limited available evidence substantiating the value of medical devices and how it is or can be measured. Addressing this information gap is becoming evermore important, as medical devices are increasingly required to undergo evaluation of their safety, efficacy, and cost-effectiveness, and countries have finite resources with which to adopt new technology.

This panel will address and discuss the socio-economic value of medical devices based upon recent empirical work focused in the area of cardiology. The presentations will provide a complementary examination of this broader aim. In particular, the panel has several objectives:

(1) Examine the impact of medical devices used to cardiovascular care (e.g., coronary stents, ICDs) on health, economic, and broader social outcomes.

(2) Illuminate the methodological and practical challenges in demonstrating medical device value, and analyze any key differences compared to pharmaceuticals.

(3) Discuss cross-country similarities and differences in outcomes and in processes to assess value, where applicable.

(4) Highlight future challenges and opportunities for improving the evaluation of the socio-economic value.

(5) Identify potential policy options to facilitate the adoption of high-value medical devices and support evidence-based decision-making in this area.

This panel is important to address an important gap in the literature and associated discourse. To date, much of the attention regarding the value of health technologies has focused on pharmaceuticals. Therefore, participants will be exposed to a relatively unexplored research area and can apply key points of the discussion in their respective functions (e.g., academic, industry leader, health professional, policy-maker). The panel will also serve as a forum to discuss future research and policy developments in this area.