Medical device company enters market with new business model
RENO, Nev.--(BUSINESS WIRE)-- The Orthopaedic Implant Company (OIC) has entered the medical device market with its chief executive pledging to save more than a billion dollars in health care costs by 2015.
OIC President Itai Nemovicher contends that large medical device manufacturers have too much control over the orthopaedic device industry, causing medical implants and equipment costs to skyrocket beyond all reason.
“The co-dependent relationship between health care providers and medical device sales reps leads to up-selling and dramatically increased implant costs,” Nemovicher said. “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 is the first company of its kind, formed as a collaborative venture between practicing orthopaedic surgeons and orthopaedic industry insiders.
Timothy Bray, M.D., orthopaedic traumatologist and a Director of the Board at OIC stated, “As a surgeon dedicated to the care of orthopaedic trauma patients, I am pleased that OIC will help provide quality outcomes in a cost-effective manner. In this period of global cost containment we believe our business model is well positioned for the future of orthopaedic trauma. We are committed to cost-effective, comparative research and working with hospitals and insurers to deliver a national, reproducible program.”
Considering the cost control and efficiency pressures of national health care reform, Nemovicher said the time is right for a complete industry shift in how hospitals, surgeons and manufacturers approach the orthopaedic implant market. Hospitals in particular are looking for new ways to eliminate high-priced middlemen, save money and reward physicians who undertake initiatives that lower health care costs, Nemovicher continued.
“OIC delivers high-quality implants and products at a fraction of current costs. But it’s not just about our company,” he said, “it’s about changing the way implants are sold and used, creating fiscal responsibility and saving more than a billion dollars in just a few years.”
Indicative of this commitment to fiscal and social responsibility is OIC’s policy of donating portions of its profits to worthy non-profit foundations that share the company’s values.
According to Nemovicher, OIC’s implants are 50 to 60 percent of the average market cost of premium implants, potentially saving millions of dollars a year. High-quality, low-cost implants and products can be used for a variety of procedures, including treatment of broken bones, lumbar fusions and joint replacements. 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.
About The Orthopaedic Implant Company
The Orthopaedic Implant Company (OIC) develops, manufactures and distributes high-quality orthopaedic implants at cost-effective levels. Our corporate values are based on the strong belief that we can do better for our patients and provide quality implants at a fraction of current costs. In addition to these cost savings, a portion of OIC profits are donated to orthopaedic foundations that share OIC’s values of doing what is best for our patients, our communities and our health care system. For any questions, issues or concerns, please contact us at 1-800-619-2797 or visit our website at www.orthoimplantcompany.com.
Armada Medical Marketing for OIC
Dan Snyders, 303-623-1190 x230
KEYWORDS: United States North America Nevada
INDUSTRY KEYWORDS: Surgery Health Hospitals Medical Devices Medical Supplies Managed Care