Health Economics for Medical Devices


Use this report to understand how health economics and outcomes research (HEOR) teams can best support Class II and Class III medical devices throughout their lifecycles — protecting them from reductions in reimbursement level and reinforcing price points. Benchmarks and best practices guide medical device firms to assemble a strong, reimbursementfocused HEOR group equipped to anticipate and fulfill payer requirements. HEOR groups’ activity, spending, compensation and outsourcing data enable device firms to prioritize tasks and maintain highly skilled, experienced health economics teams. This study also helps HEOR teams gain a better understanding of the competitive landscape and marketplace when making study decisions. Top executives’ insights, combined with cost and duration data, provide expert advice in choosing the right HEOR study — critical to best achieving reimbursement.

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Report Details

Publication Date: Apr 2014
Pages: 63
Chapters: 3
Metrics: 400+
Charts/Graphics: 40+

Top Reasons to Buy This Health Economics for Medical Devices Report

Maximize HEOR Groups’ Impact: For many device companies, HEOR groups are becoming more prominent. In some cases, building a strong HEOR group means transitioning from a clinically oriented team to one focused on reimbursement. Aligning these groups under market access to distribute findings across internal and external stakeholders throughout a product’s lifecycle can be the key to success. Learn how to achieve group alignment, develop more experienced health economics groups and what activities should be performed by HEOR teams.

Explore Outsourcing to Meet Market Needs: Medical device companies increasingly use outsourcing to fill knowledge gaps as well as to meet market needs. This study reveals the importance of tailoring outsourcing activities to match payer requirements in terms of clinical trial data or market research. Through examining device companies’ outsourcing practices and approaches to balancing in-house activities and third-party vendors, our analysts were able to analyze and give key outsourcing recommendations. Specifically, this section of the report will help your team understand competition and alternative treatments when determining appropriate HEOR outsourcing spend.

Pinpoint the Most Cost-Effective HEOR Study: This report shows the costs and durations of different types of HEOR studies that medical device companies regularly conduct to best achieve product reimbursement. The best practices included in the study will demonstrate how device company executives get the most out of HEOR teams to drive optimal reimbursement strategy. It also covers the number of each type of study that surveyed companies conduct each year, from 2012 through 2014.  This data analysis examines the many different reasons — ranging from cost to marketplace drivers to payers — that cause companies to choose one HEOR study over another.

You may also be interested in CEIConnect: The Lifesciences Industry’s On-Demand Research Resource as well as our individual medical device research reports.

Excerpt from Health Economics for Medical Devices

Medical device companies in today’s austerity-driven marketplace encounter a
number of challenges. As these companies generally comprise a substantial portion of healthcare provider and hospital budgets, they are easy targets for cost-cutting measures. Device companies must understand each payer’s needs and be prepared to make extensive and evidence-based justifications for each product in their portfolio.

As a result of their product portfolio’s complexity and a different type of product lifecycle, medical device companies face challenges that are different from the conventional pharmaceutical industry. Companies need to be well prepared for payer demands in terms of improving payers’ understanding of these medical devices’ technical aspects.