A medical device technology can secure healthcare facility acceptance when it reduces healthcare costs and delivers outcomes for patients. Before it is put to use in healthcare settings, the hospital value analysis committee evaluates its value in terms of cost and healthcare outcome. A hospital value analysis committee has a significant bar for acceptance. The committee holds each purchase to specific standards and compares it to both current and future competition. The committee has to reduce the overall cost and ensure improved quality of care.
A value analysis strategy by a medical device consulting firm can help navigate the value analysis process. The marketing strategy should be directed towards all decision makers, not only clinicians. Therefore, a medical device manufacturer requires a thorough understanding of the value analysis committee requirements and hospital purchasing preferences. A medical device value analysis strategy delivers actionable due diligence for sales and marketing to guide sales and marketing teams and inform clinical trial design. A robust medical device value analysis strategy allows the developer to strategically focus resources on the development. This also allows the medical device company to prepare the requisite information to facilitate the selection of the technology.
The medical device company can understand the influence of physician preference items in the target clinical area. It also allows comparing the technology’s improved outcomes to competitive vendors from the value analysis teams’ perspective. The technology developer can substantiate stronger price negotiations by focusing on improved outcomes. A medical device value strategy includes the following deliverables:
- One-on-one interviews with medical device value analysis committee members
- Ensure innovation’s acceptability to value analysis due diligence
- Develop VAT materials on the basis of the value analysis process
The marketing and sales efforts start when the medical device obtains approval or clearance through regulations.
How medical technologies are launched now is modified from how they were launched 5 years ago. To secure early adoption, a device has to produce better clinical outcomes at lower costs. The term “better outcome” does not have the same meaning for all involved in the purchase decision making process. The physicians’ influence in purchasing technology is still significant but it has been supplanted by additional stakeholders. While medical device value analysis is critical for successful adoption, the following three tips can help in increasing market adoption for a medical device:
Focus on the Entry Market
The developer should start focused and smart. It is important to identify the full scope of stakeholders. The medical device developer is required to possess a complete understanding of the stakeholders involved in the decision making process including physicians, nurses, administrators etc.
The representative understands the needs of all stakeholders so their product can be positioned to all involved in the purchasing decision. Building relationships at all levels drives successful adoption.
Understand the True Market Viability
Listening closely to the target market provides opportunities to assess and refine technology’s value proposition and target customers. The company should efficiently gain real world market and sales intelligence in early selling mode. It should secure feedback from the stakeholders using the technology in relevant clinical settings. With their feedback, the company can test its market acceptance.
Sales and market metrics are the most crucial that can identify the target market preferences. The company must be able to measure return on investment and sales channel alignment on a small scale. This provides necessary inputs to scale up and modify the strategy. Tracking metrics allow effective sales force management and optimize sales cycles. This reduces launch risks and accelerates revenue.