Fast Facts
- The lifecycle for many advanced medical technologies is 18 months
- Investment in research and development more than doubled during the 1990s and now stands at nearly 12% of sales, more than four times the average for manufacturers overall
- Medical technology jobs pay 49% more per worker than the average manufacturing job
- More than 90% of medical technology companies have fewer than 100 employees; smaller firms generate 28% of industry R&D spending
- U.S. medical technology companies lead the world, producing nearly $78 billion annually and generating nearly 6% annual growth
- Medical technology generates a consistent trade surplus: $62 billion over the last 10 years, more than $3.3 billion in 2002 alone
- While overall venture capital investment in the United States is down 15 percent, it is up four percent in the life sciences sector, which includes biotechnology and medical technology, attracting $4.89 billion in 2003
- Investment in R&D more than doubled during the 1990s and now stands at nearly 12% of sales, more than four times the average for manufacturers overall.
- Medical technology provides advanced jobs that pay 49% more per worker than the average manufacturing job.
- From 1980 to 2000, rapid technological progress created results: a 15% decline in annual mortality, a 25% decline in disability rates, a 56% reduction in hospital days—and a 3.2 year increase in life expectancy.
- With all these life saving and life enhancing gains, spending on medical technology remains only 5% of total health care expenditures.
