How does an innovator define the value of their innovation in the present day healthcare environment? TREAT challenges the innovators within its Commercialization Assistance Program to hone in with laser focus to answer one, seemingly, simple question: Who sees value in your innovation, and why? Most often innovators are focused on what the innovation can do versus who it is for. It is critical for innovators to understand their market early and focus on the economic factors that influence stakeholder decision making in an effort to maximize the product’s ability to capture value.
Our friends at AvaMed recently commissioned a study to develop a framework for determining value in the ever-changing healthcare market. Their approach is to understand the stakeholders in the ecosystem, validate their needs and requirements, then aggregate the collective perspectives to produce a holistic value-based assessment. TREAT encourages its network, especially budding entrepreneurs and innovators interested in our Commercialization Assistance Program, to reflect on this report, A Framework for Comprehensive Assessment of Medical Technologies: Defining Value in the New Health Care Ecosystem.
Chris Maeder is the Program Manager for TREAT.