Increasing innovation in medical products is a policy priority. A first step to understanding changes in the level of innovation is to determine how to measure the baseline of innovation. Existing research employs a variety of measurement methods–scientific, therapeutic, and economic measures–to study trends in medical product (e.g., drugs, biologics, devices) innovation. Scientific innovation measures were the most commonly used and included counts of new molecule or device approvals. Therapeutic innovation measures included the assessment of clinical value. Economic innovation measures included research and development productivity. Each innovation measure has its strengths and limitations in how well it captures the breadth and depth of biomedical innovation. This makes it difficult to use a single measure to definitively determine both the current level and changes in the level of medical product innovation. A novel measurement method that more fully captures the clinical benefit of innovations needs to be created to fully assess the robustness of the medical product development ecosystem and the effects of new policies on innovation.
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