REGULATORY & REIMBURSEMENT
AdvaMed unveils new tools to assess medical device value The new AdvaMed initiative is another sign of the importantance of value-based healthcare in the medical device industry.
Chris Newmarker | Managing Editor |
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Medical Design & Outsourcing
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AdvaMed recently launched a value initiative designed to help medical device companies formulate value-based arguments. The value framework also includes tools specifically designed for diagnostic technologies – and reports on understanding evidence and use cases. “Value” has become an important word in recent years, as government and private healthcare payers in the U.S. and elsewhere move from traditional fee-for-service payments to outcomes-based and risk-sharing models, aiming for more efficient and effective care. That means device companies need to show how their products create value, to both persuade customers to use their devices and to win reimbursement from insurers. “The challenge is that there hasn’t been a consistent way of talking about value, or even assessing the value of medical technologies and technologies,” according to Nadim Yared, AdvaMed chairman & CVRx CEO. To help its members navigate this new world, AdvaMed brought in Deloitte Consulting to look at existing economic and clinical evaluation tools and conduct extensive interviews with AdvaMed members, officials from healthcare providers and insurance executives. The result, AdvaMed EVP Don May told Medical Design & Outsourcing, was a framework designed to help firms devise comprehensive, value-based arguments 7 • 2017
for their devices. The process can also help medtech makers incorporate that thinking during the earliest stages of the development process – from product ideation, study design and evidence collection to the FDA approval process and more. “I actually think some of the VC companies will think of this approach when they’re asking, ‘Do we go with this product or that product?’” May told us. “They’ll be looking at this value imperative right from the very beginning.”
Image courtesy of AdvaMed
www.medicaldesignandoutsourcing.com
7/14/17 2:29 PM