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From first concepts to market: Becoming a market leader

Together Everyone Achieves More: putting together the right TEAM is crucial. To reach the top, your internal team needs to be supported by Key Opinion Leaders or KOLs and external experts. KOLs add respectability and clinical quality to your evidence. Experts in value-based healthcare can transform this evidence into a persuasive value proposition, developing a narrative that your marketing team can leverage. It should say “using our device, you can reach your performance goals with little/no/positive impact on your bottom line”.

A typical narrative would include:

Table 1.

Your whole value narrative, and its supporting data, should be maintained in a global value dossier. For communication to physicians and payers you would want to focus on:

  • Burden of illness/Unmet needs via systematic review manuscripts, cost of illness models, and congress abstracts
  • Clinical effectiveness via clinical trials, manuscripts, meta-analysis, indirect treatment comparison, and congress presentations
  • Cost benefit via budget-impact and/or cost-effectiveness models, costing studies, cost of complication studies, manuscripts, and congress abstracts
  • Usability/Real-world use via patient preference analysis, pilot studies, surveys, retrospective database analysis, chart reviews, manuscripts, magazine articles, and congress presentations

Key takeaway messages:

  • Value-based healthcare is the new standard — your medical device must be supported by clinical and economic evidence
  • Continually develop evidence of value and communicate it clearly and through the correct channels
  • Costs concerns can limit uptake, reimbursement is a benefit but not a magic bullet — demonstrate value through cost benefit
  • No one strategy works for all medical devices: plan early and get the right team on board