Innovations in Medical devices often find difficulty in commercialization due to limited funding opportunities in low and middle-income countries. Also, funding decisions based on economic viability and scalability are not sufficient to propose a 360-degree value proposition of an innovation. In this session, we will attempt to understand the differences in funding models between developed and developing countries for medical device innovations. We will also attempt to propose a value-based funding framework for effective incubation/acceleration of innovative products. Value-based funding, similar to value-based contracting, depends on the value of the product realized from outcome research studies. This session will discuss the status of value-based funding in the US/India, Asia, Europe, and other countries. It will also touch upon aspects on how to encourage funding bodies to perform needs assessment through the proactive involvement of biomedical engineers and promote the role of value dossier professionals to prepare a robust value-based funding application as the foundation of the overall activity.
Describe basic methodological aspects of needs assessment with context to innovation in MedTech and overall health care domains; Identify key differences between funding models of developing and developed countries for medical device innovations; Discuss the role of biomedical engineers in value-based funding process and decisions; Discuss the key components of value-based funding applications for faster incubation/acceleration.
Vatsal Chhaya, MSc, Senior Executive, Medical Writing and RWE, Genpro Research
Value Proposition for Medical Device Innovations: Value-Based Expedition of Funding Decisions
Ben Modley, MS, MSc