A team of doctors at Mayo Clinic in Rochester, Minnesota, are trying to figure out how to cut the cost of their care at a time when the cost is spiraling out of control.
In a bid to save the most money possible, the Mayo Clinic is partnering with a medical device company to develop a device that would allow patients to receive more critical care prescriptions.
The device, which has a 10-year lifespan, would cost $5.2 million, which is less than one-third of the cost for other options.
“We are trying our best to save money,” said Dr. John Lassiter, chief medical officer of the Mayo Foundation.
“But we are also trying to make sure we are giving people the best care possible, which includes better medications and better equipment.”
Dr. Lassit is a veteran of the medical field and was previously the chief of staff for Dr. Eric Jonsson, who is the head of the FDA’s Center for Devices and Radiological Health.
Jonssons new company, Lattice Biopharmaceuticals, is a joint venture between the Mayo clinic and Biopharma.
The company says it has developed a device with a 10 year lifespan that would be able to administer up to 12 different types of medications.
It could help lower costs in the near future and will soon begin shipping the device.
Lattice says it is the first medical device that uses a protein-based scaffold to support the cell structure, making it able to be used in various types of surgeries.
This is also a critical advantage for people undergoing operations, as the tissue around the device has to be removed to make room for the device and then the scaffold can be placed in place.
The company says the device will be ready to go in six to eight months.
The cost is $2,500 to $4,000 a day.
It has a one-year shelf life.
The device is being developed in collaboration with Biopharms Biopharaceuticals Inc., which is owned by AstraZeneca Plc.
The device could save patients thousands of dollars a year and help to lower the cost to treat them.
The Mayo Clinic’s total budget for the next fiscal year is projected to be $7.9 billion.
Mayo will use its resources to develop the device, Lassita said.
“There are very few medical devices in the world that can really give the right kind of stimulation to the brain, and our device could potentially do that,” Lassitt said.
Lassita noted that the device is also being developed for the treatment of multiple sclerosis, a condition that is estimated to cost about $7 billion a year in the United States.
The disease affects about 20 million people in the U.S., and some 70,000 die every year.
Lattitas hope the device can save thousands of lives by helping patients with multiple sclerosis stay well.