Digitization of healthcare is here. It is clear that more and more healthcare-related products and service are moving online: Digital Health as it is known. Digital Health contains different sub-categories such as mHealth (mobile), eHealth (electronic), sensors, telemedicine, and telecare for example (Figure 1). Most healthcare companies will already be developing or even marketing Digital Health solutions, so it is important to understand how these will interface with current data and healthcare regulations.
The constant innovation in medical products can be both a blessing and curse for healthcare systems. On the one hand, it is a key factor in improving patient’s lives, on the other hand, payers are confronted with justification for ever-increasing costs. To address this dichotomy, health technology assessment (HTA) has been widely established to evaluate innovative medical products and determine whether their implementation would be both beneficial and affordable. While the HTA process is generally well defined for pharmaceuticals, the methodology for the assessment of medical devices is underdeveloped.
Have you ever been asked, “how does your product compare to [your competitor]”? How to answer this if there are no or few direct trials comparing the two? Enter network meta-analysis, to answer that question and provide a statistically sound estimate of comparative effectiveness.
Reimbursement is one gateway to medical device sales. It is not always attainable and devices often fall under procedure codes. This makes imperative a rounded sales strategy that has a value narrative from concept to long-term value. Here are some key items to keep in mind when building the three pillars of medical-device value for your own product.
Are you using the best evidence to support your products value and price? Are your colleagues? To identify the strongest data and to keep everyone on message, a value dossier can be very advantageous. In brief, value dossiers are documents providing compilations of evidence to support the value of an intervention. Such value can be economic (e.g. cost-savings and cost-effectiveness), or patient outcomes (e.g. mortality, pain, and adverse events). The dossier can be written directly for provision to your customers or for use internally as a “product bible”.
If a picture is worth 1,000 words then an interactive picture is priceless. Having taken the time to develop a comprehensive health economic model, prepare the publication, and ready the marketing team – there is still the question of how to quickly and simply communicate your key messages. One approach is to distil the complex model down to an easy to digest web or tablet app. The example here gives a taste of exactly what can be achieved.
The good times are over! Where previously, companies could gain market approval for their medical product and pass it on to marketing to sell, there are now requirements: continued clinical benefit, strong economic value, and physician/patient acceptance in real-world use. These three sectors are now the pillars of evidence on which sales success is built.
“I need a model”! It is one of the most common starting points for a conversation with Coreva Scientific. Next follows the discussion of which type of model would make most sense given the business situation. Budget impact for commercial payers and insurers, cost-effectiveness for national providers. Now, though, the discussion is becoming less pertinent as the two systems converge towards… wanting both!
Supporting evidence is essential for each product, but equally important is communicating that evidence to the relevant stakeholders. This is not only the responsibility of your marketing team, but also of the internal and external data teams that compile the evidence. Peer-reviewed journals, professional congresses, and expert meetings, where should evidence be communicated to make the biggest impact?
This year Coreva Scientific is going to attend several international meetings and congresses. Please do not hesitate to contact us in advance for a one-to-one meeting or to learn more about our presence at each of the events. We would be happy to offer free and unbiased consulting on any aspect of value-based healthcare and value creation for medical devices and pharmaceuticals.
- ESPEN (European Society for clinical nutrition and metabolism) in Madrid, Spain on 01-04 September 2018
- UEG week (United European Gastoenterology) in Vienna, Austria on 20-24 October 2018
- CCCF (Critical care Canada Forum) in Toronto, Canada on 06-09 November 2018
- ISPOR annual european meeting in Barcelona, Spain on 10-14 November 2018