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Medical Device Innovation: A Doctor’s Journey to Transforming Respiratory Care
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Traditional CROs fragment device development with costly hand-offs and learning curves. Veranex unites the essential disciplines for medical device & diagnostic development under one roof from sketch to evidence-generation to market launch.
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Whether you're transforming patient care or disrupting entire therapeutic categories, innovation requires more than great science, it demands velocity. Veranex was founded to bridge the gap between visionary concepts and market reality, combining proven expertise with agile execution to accelerate the innovations that matter most.
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Veranex : Jun 21, 2024 5:47:21 PM
Clinical utility describes the usefulness of a medical product (device, diagnostic/prognostic, or therapeutic) for physicians and/or patients, and key questions include the following: “Would physicians change their medical recommendations for the better (e.g., align with patient management guidelines) if they had access to the medical product?” “Would the medical product change the patient care plan and patient outcomes?”
For medical tests in the United States, the Centers for Medicare and Medicaid Services and other payers require clinical utility data for coverage and reimbursement decisions. Clinical utility is one of several product features that must be evaluated and shared to demonstrate the product’s value and lay the groundwork for product acceptance and adoption.
Value Framework for a Diagnostic Test
Clinical utility data developed by manufacturers can address the needs of payers, clinicians, and patients in several ways:
To assess clinical utility, manufacturers can use several methods, each of which has pros and cons.
Developing clinical utility data is a multi-year endeavor. Test manufacturers may employ more than one type of clinical utility study throughout the evidence development process. The case study below for a lung cancer screening test shows evidence development occurring over more than a decade.
The challenge: quantify the decision impact of Test X to support a value-based pricing strategy and encourage physician interest and payer coverage in the United States.
*Veranex was involved in the design and implementation of the chart review and the decision impact study (which employed conjoint analysis); Veranex also co-authored manuscripts describing these studies. Additional real-world evidence assessments, such as the large studies employed by the manufacturer of Test X, are now included in Veranex service offerings.
Results/impact: Statistically significant results demonstrated the clinical utility of the test in physician decision-making. When granting Test X limited local coverage, Medicare cited the conjoint analysis and retrospective analysis. Additional studies have been implemented to expand payer coverage and test use further.
Early-stage, shorter, and less costly studies (e.g., survey-based conjoint analysis studies, claims analyses, and chart reviews) can set the groundwork for payers’ positive coverage decisions and demonstrate to partners/investors the value of medical products. Later-stage, longer, and more expensive studies (e.g., prospective randomized controlled trials) can support widespread coverage.
Veranex has extensive experience helping companies develop and publish health economic evidence for medical devices, diagnostics/prognostics, and therapeutics.
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