Reimbursement: The largest barrier in front of innovation!
Medical device sector is one of those top priority investment areas of critical importance to the whole world and the states.It plays an important role in the development of states thanks to both its necessity for the human life and the added value it creates.
However, in recent years, medical device sector cannot introduce innovative and game-changing devices to the health sector due to regulations varying from one country to the other and the difficulties in inclusion of novel medical devices in the reimbursement scope.
Medical device manufacturing is a very long journey from idea development to commercialization. Only the perfect combination of the right idea, right team, appropriate financing, right timing and many other relevant factors can yield a successfully developed and commercialized medical device.However, achieving the perfect combination of all elements and commercializing the product is still not enough for success. Because the real fight starts now.
Only the teams which successfully undertake these compelling processes are ready to get on the world stage, but, each country has a market unique to her and, unlike engineering,“two and two is not four” in this sector. This is the common problem challenging many creative teams who are equipped with the right financial resources: Namely, “Unpredictability!”... Suffering from these situations again and again; engineers, investors and companies tend to manufacture similars of the existing products rather than developing innovative ones. As can be concluded, the sector is locked in a vicious circle by this tendency.
Whereas, purchase guarantee to be given by the governments of the countries of manufacture of the products which are clinically-proven to be effective, pass all safety tests and can make difference for the patients and the doctors may even be a declaration of mobilization for development of devices to be possibly used in the treatment of currently incurable diseases. GUARANTEE OF PURCHASE!!! The most important key to the sectoral development and innovation. Joint action of all sector actors -regardless of their country, size, facilities, etc.- to achieve innovation will enable both revival of the sector and the highly-motivated sector partners to fight for a common goal.
by H.Semih Çetin