3 steps to create value with your medical device

Jeff Champagne, MPR Associates

[Image from Unsplash]

The word value is used a lot these days, especially when it comes to medical devices and health economics.

A device must provide value for the user, the payer and the provider. But the idea of value isn’t simply limited to cost versus utility.

When done effectively, a company can capitalize on the total value a technology provides to all its stakeholders.

In developing a new device, the highest priority should be how the product will affect the outcome for patients – and its economic benefit. It’s not just cost versus utility; it’s the patient experience. Different stakeholder groups measure and prioritize these aspects of value in different ways, placing greater weight on attributes that drive their benefit, rather than the industry.  While that might work for some, it would be beneficial to focus on pursuing all facets of value jointly. Cover all your bases on value, and every stakeholder benefits.

That said, there’s a lot to consider when crafting your product’s unique value proposition. Here are 3 ways to ensure you can deliver.

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