Challenge
A UK company had developed a novel system for urinary drainage that provided a number of benefits for patients and caregivers over current systems. It believed that CE marking would be straightforward, and were designing a clinical trial to garner key opinion leader advocacy for product uptake. The company recognized that market research was needed in order to help justify a significant premium in price over existing treatments and approached Alacrita to help identify what payers needed in order to justify this premium price.
Solution
Our medical device consultants recommended convening a small payer advisory board consisting of active payers who made pricing, reimbursement and formulary decisions at national and regional level. The objectives of the board were to understand on which basis payers would evaluate the new device, to assess payers’ reaction to a proposed data package, to define a realistic price range for the product and gain initial input on price sensitivity, and to assess how payers might try to select, influence or restrict the target population for the product. The payer advisory board shared knowledge and experience, and planned a way to have the device adopted at the premium price level.