Reimbursement is one gateway to medical device sales. It is not always attainable, and devices often fall under procedure codes. This makes it imperative to have 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”.
“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!
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.
Cyber security and healthcare patient data: almost 50% of companies have had a HIPAA-related security breach in the past two years.
As more and more data and data processing goes online, cyber security is becoming increasingly important to healthcare companies.
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.
- It was great to catch up with some of you last year at ECCO, ISPOR USA, MedFIT, ESPEN, UEG week, CCCF, and ISPOR EU, as well as this year at AHA-QCOR, EORNA, ISPOR USA, HTAi, EHMA, ISPOR EU, ISQUA, and ACIPC. Thanks for the productive meetings.
- Pharma pricing market access and evidence congress in Amsterdam, The Netherlands on 18-19 March 2020
- ISPOR annual international meeting in Orlando, Florida, USA on 16-20 May 2020
Exceptional research quality and client satisfaction are our focus with each and every project. Over the course of 2017 we are proud to have worked on over 31 projects that covered 11 medical products and 10 countries. Evidence has been presented in 3 published manuscripts, 9 abstracts, 7 posters and congress presentations. Most important to us, though, was the 100% client satisfaction. Thank you for support, to find out more about our 2017 work please read on.
The demands placed on healthcare providers and payers are rising. Each year, tens of thousands of medical products are launched into a market that is already saturated with both effective and cost-effective interventions. Few will demonstrate the value required to displace on-market products and achieve strong sales. How do you ensure your product has the value to make early market gains?