Medical device manufacturers are increasingly facing challenges from payers in developed countries. Payers are increasingly shifting their focus to long-term data before approving devices and fixing reimbursement prices. Even after a product is approved, payers are looking at the risk index of the device. The FDA has recently announced that it wants more real world evidence in device reviews. It wants to look at nearly 25 million patient records with UDIs to understand pre- and post-market scenarios.
Now, the question arises, how can medtech companies get hold of these data and how can they make use of it to their competitive advantage? This can be possible by ensuring timely, simple to use and frequent access to Real World Evidence (RWE) data of patients, providers, payers and doctors. When judiciously analyzed, RWE can narrate a story of success and failures from the perspective of all stakeholders. It is vital for medtech companies to be able to deep dive through these data sets and extract meaningful information for actionable insights.
DRG now offers this capability, bringing light to the medtech industry. DRG has access to RWE with 90% of US data coverage. DRG simplifies these complex and big datasets and provides an easy to navigate dashboard. Now, you can bring out unique insights and brand stories around your medical device. You can use these important insights while making important business decisions around R&D, product development, marketing and sales.
The dashboard is able to hold significant amounts of patient and historical device usage data. This enables you to track the performance of your medical devices in the real world. And all of this at your fingertips! You can now see how patients are responding to your dental implants, how a patient’s heart condition has improved after your stent or pacemaker has been implanted, and so on. And when your marketing team asks, you can say how your device is performing versus your competitors’. You can see how many devices are being used at what reimbursement rates in which hospitals and by which doctors. That level of granularity is provided by RWE data. And when you know that hospital ABC in PQR city is using more of a competitor’s products than yours, then hey, use your marketing dollars wisely!
Now, with all this at your fingertips, you are ready to answer anyone. If the FDA asks for data, you can provide the full history to them. They will see the results and understand the efficacy of your device. Next, the payer. When they ask for evidence, you show them that your device is actually leading to 20% fewer re-hospitalizations, ultimately saving costs for the payer themselves.
With everyone’s eyes on real world data, most medical device manufacturers are finding themselves in a difficult situation. But, now RWE solutions can help medtech companies like yours overcome these challenges. DRG RWE is an effective solution for you as it could relieve you of having to go through registries to get your devices approved. It can spare you of any shocks and surprises. Truly, this can be regarded as the genie of RWE complications.
So stop pondering and start acting. The capabilities of DRG RWE can help you achieve a sustainable competitive advantage in the long run. Such is the magic of DRG RWE!
Follow Isha Suman on Twitter at @suman_ishaDRG for additional medtech market insights.