Imagine you have an idea for a new device which has the potential to improve a medical treatment in some way. To bring your idea to fruition you will have to persuade the NHS that it is worth the price it will have to pay. But this will not be possible until you are ready with a working prototype at the very least. To get to that stage you must first decide if the cost of transforming the initial idea into a concrete product is likely to be recouped. Even then, you may change your mind later if the development process encounters unexpected snags.
Product development is a complex process punctuated by decision gates whose function is to review current costs against the outlook for long term product revenue. For medical products, the bottom line is inextricably bound up with value to the NHS/Healthcare system. In this workbook we describe how to incorporate this perspective into decisions taken at crucial points in the development cycle.
The "Business Decisions for New Medical Devices – The Headroom Approach" Workbook is available to purchase from the Checkout below: