Breaking down the medical device sales cycle – Stage Two: Value Analysis Approval
July 31, 2023
This committee discusses the clinical, fiscal, and logistical factors of bringing a new product into a hospital. The department manager, supply chain, and physician head attend these periodic meetings, usually held monthly.
It is essential to understand the motivations of each member of the committee. The physician head and department manager will care about the clinical advantages of the product but are often cost-conscious. Supply chain will always consider cost but frequently don’t concern themselves with clinical benefits.
The most common clinical advantages include increased safety, improved clinical results, and shortened procedure times/patients stay. Representing a clinically superior device
should get you out of bed in the morning, but understand that pricing plays a significant role in hospital decisions. After your product is approved by value analysis, you can begin the trial stage.
What is the trial stage specifically? Find out here: http://bit.ly/BITIP, or wait for our next post.