What’s It Worth to You? How Value-Based Innovation Improves Medtech Development

Pete Masloski and Priyan Patkar

Customers for medical devices have overhauled how they evaluate and buy new products, putting more emphasis on value than ever. Even the very definitions of “customer” and “performance” are no longer what they were a few years ago, and are likely to morph further.

But how medical device manufacturers create value—in the innovation and development phase of new products—hasn’t kept pace with the changes in how customers purchase medical devices. Typical approaches to new product development needs to change in order to put a stronger emphasis on value.

A fresh approach to product development, value-based innovation (VBI) enables companies to improve their value proposition by linking features to the right definition of customer value. This paper outlines why value-based innovation can result in products with a superior design and greater chance of commercial success.

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