LONDON--(BUSINESS WIRE)--The medical device industry is driven by optimistic device companies in the U.S., Europe, and Asia that seek innovation. With changes in consumer demand and preferences, vendors are increasing strategy formulation with respect to the development and launching of new products. Health economics plays a vital role in demonstrating the value of new products launched by medical device manufacturers and by analyzing health economics early in the process, businesses can better assess product development opportunities.
The latest study from Infiniti Research explores developing an effective health economics database with country-specific clinical, operational, and financial data sets. The development of such a database can help clients leverage information gathered to create new ROI calculations and business cases for their product offerings.
Comprehensive reimbursement plans help to create a larger market for medical devices and can be achieved by involving health economics. The analysis done with the help of health economics will provide insights providing quality care for more people by reducing costs. In addition, it will help to analyze whether the proposed device is better than the existing one or not. This will also aim at putting a stop to the development of technologies or devices which are doubted to have any future value.
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Expenditure in the medical device industry is substantially growing, backed by Governments promoting the efficient usage of medical devices. Health economics will help in demonstrating the cost-effectiveness of new and emerging medical devices, allowing manufacturers to make sound decisions.
Analysts at Infiniti Research state, “When choosing between treatment A and a new treatment B and they both seem to have similar clinical outcomes, preference will be given to the more cost efficient option. However, the choice of treatment can be debated if option B is much more effective than A.”
As a medical device manufacturer, analyzing the health economics for the newly developed medical device is a must. Whether you're assessing the commercial viability of the device or avoiding frugal innovations, the device should have its reimbursement strategies explored.
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About Infiniti Research
Established in 2003, Infiniti Research is a leading market intelligence company providing smart solutions to address your business challenges. Infiniti Research studies markets in more than 100 countries to help analyze competitive activity, see beyond market disruptions, and develop intelligent business strategies.
With 13 years of experience and offices across three continents, Infiniti Research has been instrumental in providing a complete range of competitive intelligence, strategy, and research services for over 550 companies across the globe.