As the health care industry seemingly continues its paradigm shift toward a more value-based model, the future of medical devices and how their strategies will evolve has become an important topic.
Companies which create medical devices, according to Dr. Nneka Onwudiwe, will have to develop and implement new strategies which incorporate real-world data along with traditional randomized clinical trials and “substantiates the total value of their device to a wide array of stakeholders.”
“Device companies face myriad stakeholders seeking information on the relative benefit and cost, or ‘value,’ of technology, including the care processes in which devices are used,” Onwudiwe writes in International Society For Pharmacoeconomics and Outcomes Research’s Value and Outcomes Spotlight. “These audiences range from patients, clinicians, specialty societies and health care facilities to payers, government authorities, and health technology assessment organizations.”
Another challenge for manufacturers is the lack of a robust and proven method by which they can assess the value and cost-benefit tradeoffs of a particular device, according to Onwudiwe.
Onwudiwe says device evaluation depends on understanding “how devices can substantially alter entire care processes” and the “impact of often short product lifecycles,” among other things.