Obtaining reimbursement for a medical device requires an understanding of the systems in place, which are country-specific.
Manufacturers of medical devices cannot achieve growth in Europe if their products do not meet the legal requirements for sale in a particular market. Obtaining reimbursement for a medical device requires an understanding of the systems in place, which are country-specific.
"Understanding reimbursement systems in Western European healthcare markets is critical to maintaining and increasing market share," notes Frost & Sullivan (medicaldevices.frost.com) Industry Analyst Ruth Sharples. "A good understanding of the new systems and requirements can provide competitive advantage and may enable a company to influence the marketplace."
Reimbursement processes have not yet been harmonised across Europe and until they are, companies should keep abreast of the ever-changing reimbursement systems.
A lack of knowledge of the reimbursement systems operating in key markets could be a severe disadvantage to growth in medical device markets. Innovative medical devices in particular and those that are not encompassed by existing treatment regimes need to gain reimbursement in their own right. This will involve a lot of planning on the part of the manufacturer and, if not done correctly, could delay the first sales by years.
"An innovative medical device that is completely different from the existing reimbursed treatments will have to show that it is more beneficial in a cost versus efficacy evaluation against existing treatments," explains Sharples. "Collating the data required by the relevant bodies could require specific clinical trials, which could take years to conduct. Anticipating the need for such information at an early stage of development could save time and money."
Until reimbursement systems are made uniform across Europe, a strategic plan for gaining and retaining reimbursement at an appropriate level will be required by retailers of medical devices. The current reimbursement systems should be continually reviewed as new product launches are planned.
If you are interested in a virtual brochure, which provides manufacturers, end users and other industry participants with an overview of the reimbursement for medical devices in Western Europe, then send an email to Patrick Cairns, Corporate Communications, at pcairns_pr[.]frost.com, with your full name, company name, title, telephone number, company email address, company website, city, state and country. Upon receipt of the above information, an overview will be sent to you by email.
Reimbursement for Medical Devices in Western Europe is part of the Medical Devices Growth Partnership Service Programme, which also includes research in the following markets: Eastern European Markets for Advanced Wound Management; European Heart Valve Repair Markets; and European Device Disinfection and Sterilisation Equipment Market. All research included in subscriptions provide detailed market opportunities and industry trends that have been evaluated following extensive interviews with market participants. Interviews with the press are available.
Frost & Sullivan, the Growth Partnership Company, partners with clients to accelerate their growth. The company's TEAM Research, Growth Consulting and Growth Team Membership™ empower clients to create a growth-focused culture that generates, evaluates and implements effective growth strategies. Frost & Sullivan employs over 45 years of experience in partnering with Global 1000 companies, emerging businesses and the investment community from more than 30 offices on six continents.
Reimbursement for Medical Devices in Western Europe