When setting out to market your medical device, it is probably tempting to rely on skills of negotiation and persuasion to get your device into the NHS, but that isn’t enough.
Market Access is the term that encompasses all of the specialist requirements that will help to expedite your journey into the NHS, like Health Economics and local hospital value dossiers. To explore more of the services which come under market access, see our services here.
Market access is essential for the effective introduction of new technologies into multiple countries. We work with companies all over the world, including the UK, the USA, Israel, Germany and beyond. With over ten years of experience as market access consultants, we know how beneficial market access is to MedTech companies.
With limited healthcare budgets and increasing populations, there has been growing pressure on governments, meaning that market access has become more important than ever. As a result of this, healthcare systems, such as the NHS, must focus on introducing technologies and treatments that benefit the whole hospital system, rather than MedTech that produces simple cost reductions in one area.
In order to effectively introduce new technologies and navigate the process, companies must understand the correct local and national market access routes, along with the documentation needed. This will help to benefit all parties in the healthcare system, including providers, payers and patients.
Market Access can help to expedite the adoption journey for companies all around the world, including the US, Israel, Germany and beyond. Being able to effectively demonstrate how your device will benefit everyone involved is the fastest way to gain adoption.
At Device Access, we believe that market access should be based on the 4 Ps: Patients, providers, payers and product. Market access should be able to benefit and demonstrate the benefit for these four ps.
MedTech market access should begin by examining benefits to patients. You must be able to demonstrate that your device provides a solution for an unmet need or that it is less invasive or less painful than the current device or that it improves the quality of life and results in faster recovery. These benefits, although mainly important to the patients, will also have a far wider effect on the hospital itself. Which leads us on to the benefits for providers.
When we discuss providers, we are referring to the frontline workers, who will benefit from a more efficiently run hospital. Decision-makers have to work hard to justify the introduction of new technology and being able to demonstrate that your medical device helps with the bigger problems, otherwise it is easier to stick with the tried and tested treatment they rely on.
Despite increased funding year on year, patients are being let down by the NHS’s continued failure to meet deadlines for waiting times. This is due to bottlenecks in the hospital system, which medical technology can help to alleviate. Technology which can help save bed space, get earlier diagnoses, create less invasive treatments and provide better home services will not only help the patient but help the running of the hospital as a whole. This is what you must be able to prove your MedTech does.
Healthcare costs are rising, so it is no secret that the people in charge of budgets are facing tremendous pressure to scrutinize the added value of new treatments. In order to be able to sell your device, you need to be able to prove the impact on real-world benefit with a meaningful impact on the healthcare system, nationally and locally for each payer.
A good market access strategy will not only benefit all of the above, but it can also be of benefit to you, the manufacturer. By understanding the value of your device early on, and the benefit it will provide to the healthcare system, you can fully optimise your sales price.
The 4 ps should all be able to come together to create a comprehensive market access strategy.
Understanding market access is the first step in your NHS adoption strategy, next you will need to understand the best way to implement it.
To create a successful MedTech market access strategy, you will need data for the local hospitals you will be targeting, as well as lots of evidence that your device is worth in investing in. Navigating this world of evidence can be daunting. Knowing what you really need and what will work for your device can be confusing, which is why we’re here.
Our mission here at Device Access is to assist companies, from MedTech Start-ups to multinational MedTech conglomerates, in proving the value of their devices and getting adopted into the National Health Care System. We can help companies from all over the world with their market access strategy, including the US, Israel, Germany and beyond.
To find out about how our expansive services can help you, click here. Alternatively, feel free to get in touch with us for a no-obligation consultation to discuss your engagement strategy.