#5- Why are Medical Devices so Expensive?! 3 + 1 REASONS to know why!

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Medical devices are really expensive! With some MRI scans costing over 1 Million US Dollars. 67% of bankruptcies in the USA are caused by medical bills. In today’s episode, Rodney talks about what affects the price of these medical devices, which also impacts overall healthcare costs. 

Timestamps 

(03:03) Introduction
(03:10) Regulations
(05:14) Research & Development
(07:38) Medical device classification
(08:47) Marketing and Distribution
(10:55) Entry to the Chinese Market
(11:22) Factors affecting drug performance
(12:22) Medical device distribution in USA
(14:46) Manufacturing and Maintenance of medical devices
(16:58) Conclusion
(18:00) Episode Summary

Interesting points to Read:

1. Cost of MRI machines (https://www.mripetctsource.com/mri-machine-cost-guide/?amp)
2. Medical Bill bankruptcy in USA (https://www.retireguide.com/retirement-planning/risks/medical-bankruptcy-statistics/)
3. Ethnic Pharmacokinetics 
4. Entry to Chinese market (https://www.emergobyul.com/services/china-medical-device-registration-and-approval)
5. Cutting the middlemen (https://www.4sighthealth.com/why-cutting-out-the-middleman-can-reduce-healthcare-spending/)

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