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3 steps to create value with your medical device

May 1, 2017 By Chris Newmarker

value medtech medical devices MPR Associates

[Image from Unsplash]

Jeff Champagne, MPR Associates

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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About The Author

Chris Newmarker

Chris Newmarker is the executive editor of WTWH Media life science's news websites and publications including MassDevice, Medical Design & Outsourcing and more. A professional journalist of 18 years, he is a veteran of UBM (now Informa) and The Associated Press whose career has taken him from Ohio to Virginia, New Jersey and, most recently, Minnesota. He’s covered a wide variety of subjects, but his focus over the past decade has been business and technology. He holds bachelor’s degrees in journalism and political science from Ohio State University. Connect with him on LinkedIn or email at cnewmarker@wtwhmedia.com.

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  • Home
  • Medical Device Business
    • Mergers & Acquisitions
    • Financial
    • Regulatory
  • Applications
    • Cardiovascular
    • Devices
    • Imaging
    • Implantables
    • Medical Equipment
    • Orthopedic
    • Surgical
  • Technologies
    • Supplies and Components Index
    • Contract Manufacturing
    • Components
    • Electronics
    • Extrusions
    • Materials
    • Motion Control
    • Prototyping
    • Pumps
    • Tubing
  • MedTech Resources
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    • The 2024 Medtech Big 100
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