Orthopaedic Implant Company pledges health care savings of $1.2 billion by 2015
The Orthopaedic Implant Company announced in a press release the companys entry into the medical device market with its chief executive pledging to save more than a billion dollars in health care costs by 2015.
Orthopedic Implant Company (OIC) president Itai Nemovicher contended in a company release that large medical device manufacturers have too much control over the orthopedic device industry, causing medical implants and equipment costs to skyrocket. He went on to note OICs implants are 50% to 60% of the average market cost of premium implants, potentially saving millions of dollars a year.
The codependent relationship between health care providers and medical device sales reps leads to up-selling and dramatically increased implant costs, Nemovicher stated in the release. This relationship removes objectivity from the device selection process, and makes the hospital and doctor dependent on the device rep. The inevitable result is that patients, hospitals and managed care organizations wind up paying unreasonably inflated amounts for medical implants.
OIC was formed as a collaboration among practicing orthopedic surgeons, hospital administration and orthopadic industry insiders. All OIC products are FDA-approved and manufactured in ISO 13485 facilities. New products and markets will be added to the OIC product line in the coming months.