THE ECONOMICS OF INNOVATION IN THE PROSTHETIC AND ORTHOTICS INDUSTRY

Abstract

Innovation is an important part of the prosthetic and orthotics (P&O) industry. Innovation has the potential to improve health care services and outcomes, however, it can also be a burden to the system if misdirected. This paper explores the interaction of innovation and economics within the P&O industry, focusing on its current state and future opportunities. Technological advancement, industry competition and pursuit of better patient outcomes drive innovation, while challenges in ensuring better P&O health care include lagging clinical evidence, limited access to data, and existing funding structures. There exists a greater need for inclusive models and frameworks for rehabilitation care, that focus on the use of appropriate technology as supported by research and evidence of effectiveness and cost-effectiveness. Additionally, innovative business models based on social entrepreneurism could open access to untapped and underserved markets and provide greater access to assistive technology. Article PDF Link: https://jps.library.utoronto.ca/index.php/cpoj/article/view/35203/28318 How To Cite: Andrysek J. The economics of innovation in the prosthetic and orthotics industry. Canadian Prosthetics & Orthotics Journal. 2021; Volume 4, Issue 2, No.7. https://doi.org/10.33137/cpoj.v4i2.35203 Corresponding Author: Jan Andrysek, PhD Holland Bloorview Kids Rehabilitation Hospital, Toronto, Canada. E-Mail: jan.andrysek@utoronto.ca; jandrysek@hollandbloorview.ca ORCID ID: https://orcid.org/0000-0002-4976-1228