Open Payments In The Cardiac Rhythm Device Space
Today we’re going to take a look at the open payments data in the cardiac rhythm device space. The largest four companies in the space, Abbott, Biotronik, Boston Scientific and Medtronic, spent a combined $17.5m on physicians that specialize in electrophysiology in 2018. The breakdown of the spend by company is as follows:
Digging a little deeper, we see that Boston Scientific and Medtronic had several royalty and license payments totaling $3.83m and $0.97m respectively. These payments are generally contractual and are decided upon well in advance. If we only want to consider “marketing spend”, the resulting breakdown would look like:
Despite the preconceived notions that companies are just wining and dining their physicians, the majority of the spend is on consulting and speaking engagements. These events are mutually beneficial as it elevates both the profiles of the physicians as well as the companies’ products. Below shows how each company divided their spend:
Finally, let’s take a look at how much each company spends per physician (excluding royalties):
So while the two biggest players, Medtronic and Abbott, spent a similar amount of marketing dollars in 2018, it is interesting to note that Abbott has decided to concentrate their payments on a smaller number of physicians.
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