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Early Reimbursement and Market Access Planning Is Critical To The Successful Adoption of New Medical Technologies
by Tonya Dowd, MPH
Executive Vice President of RVMA
PRIA Healthcare
In the past, I’ve presented the importance of developing a solid market access and reimbursement strategy in parallel with the regulatory strategy to ensure the adoption of new technologies. Over the past few months in interactions with innovators across multiple med tech conferences- LSI, LSX, I’ve been reminded how imperative this message is to MedTech innovators.
The market access and reimbursement strategy are critical components for the successful adoption and commercialization of new medical technologies. The timing of these strategies is also crucial and can significantly impact the overall success of a product. Here’s why:
- Maximizing market potential: Market access and reimbursement strategies ensure that a new medical technology can reach its intended target market and generate revenue. By carefully timing these strategies, companies can capitalize on market demand and avoid missed opportunities. Delaying market access and reimbursement efforts may result in competitors gaining a significant advantage or the market evolving in a way that reduces the product’s potential.
- Reimbursement considerations: Reimbursement is a critical factor for the adoption of new medical technologies, particularly in the U.S., where reimbursement policies heavily influence the adoption of medical products and services. Establishing a reimbursement strategy early allows companies to understand and address potential barriers, demonstrate the value proposition of the technology, and work towards securing favorable reimbursement decisions. Delaying reimbursement efforts can limit patient access, reduce market demand, and hinder the financial viability of the technology.
- Stakeholder engagement: Market access and reimbursement strategies involve engaging with various stakeholders, including healthcare providers, payers, policymakers, and patient advocacy groups. Timely engagement allows companies to understand the perspectives and requirements of these stakeholders, address any concerns or barriers, and build relationships. Delaying stakeholder engagement may lead to missed opportunities for collaboration, slower adoption rates, and increased challenges in gaining support for the technology.
- Market dynamics and competition: The healthcare landscape is constantly evolving, and timing plays a crucial role in capitalizing on market dynamics and staying ahead of competition. Early market access and reimbursement efforts can establish a competitive advantage by securing favorable reimbursement rates, establishing market share, and building brand recognition. Delaying these strategies may allow competitors to gain a foothold in the market, making it more challenging for a new technology to gain traction later on.
In summary, the importance of timing in market access and reimbursement strategy for new medical technologies cannot be overstated. By initiating these strategies early and proactively, companies can maximize market potential, ensure regulatory compliance, address reimbursement considerations, engage with stakeholders effectively, and stay ahead of competition.
Tonya Dowd, MPH
Executive Vice President, Reimbursement, Value Generation, and Market Access
PRIA Healthcare
PRIA Healthcare is a full-spectrum reimbursement services firm based in Connecticut. Vital to the successful commercialization of over 100 medical devices since 2012, PRIA Healthcare is an industry-leading partner of innovators in MedTech and Life Science. PRIA’s renowned experts in reimbursement strategy and health care economics provide support to medical device companies by navigating often challenging and otherwise uncertain reimbursement pathways, determining the coding, coverage, and payment for market access and adoption of new technologies. Agnostic to specialty and poised to support the entire product journey of innovations in healthcare from concept through commercialization.
Please visit www.priahealthcare.com to learn more about PRIA’s portfolio, including services such as market analysis, reimbursement strategy and planning, and patient access solutions.
PRIA Healthcare – Accelerating healthcare innovation.