por Gus Iversen
, Editor in Chief | May 06, 2019
This represents a rare example of a recovery from a major misstep. More often when these avoidable mistakes occur, there are no second chances. In this evidence-based world, it’s important to learn from your mistakes and from what others have done before you.
HCB News: In what other areas are medtech startups facing challenges?
Almost all venture-backed medtech startups have some form of disruptive technology. Yet, the implications of the word “disruptive” are often lost when it comes to engaging with customers.
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By definition, when a new, disruptive technology enters the market, a current standard of care/practice already exists for the targeted patients or procedures – even if the current standard of care is ‘do nothing’. In order to gain adoption and use, the old standard of care needed to be disrupted and a new standard of care/practice developed, refined and adopted. The use of the product itself is secondary to this.
Fitting into or developing a new treatment paradigm is often a major struggle. Medtechs need to figure out where and how their therapy option fits into the care pathway, so there’s clarity around who the right patients and referral triggers are, when to use the new technology vs. alternatives, etc. Too often, companies unknowingly delegate this often complex and difficult task to individual clinicians who have neither the interest nor the time to take this on.
Just because you put a new tool in a clinician’s toolbox does not mean it will get used. If anything, introducing a tool without a very clear set of “how, where, and when to use it” instructions almost guarantees that it won’t be used, because the clinician already knows how, where, and when to use the other tools.
HCB News: Are there any other noteworthy trends you’re seeing?
We’re also going to see an expansion of global payments to healthcare providers for entire episodes of care for complex or chronic disease patients. The approach has gained traction – as well as bipartisan support – in end stage renal disease, for example. There’s a real opportunity for the model to be extended to other patient episodes, such as hip fractures or chronic disease like Type II Diabetes. This will be disruptive for all stakeholders: Providers, payers, the medtech industry, patients and intermediaries. And this will put an even higher demand on the system to have the data and evidence to optimize and personalize care in the most effective and efficient ways. Imagine a future in which medtech companies negotiate covered lives contracts with insurers for their advanced medical technologies and per device/procedure unit pricing is a thing of the past.