The economic value of clinical benefit
Defining and communicating differentiated product value at a local level using an interactive value communication tool
Our client had developed a wound dressing technology which offered clinical benefit over standard dressings. The product was associated with significantly less wound pain, however the premium price versus the standard dressing was clearly restricting market access ─ payers did not recognise the value of pain reduction relating to wound dressing.
Our client had collected data relating to pain management and cost but required guidance in how to interpret and communicate the value in a compelling and easy to understand manner.
We followed a stepwise approach to define the market need, analyse and interpret the evidence, and then develop and communicate a differentiating value proposition for the product. The solution comprised:
- A literature and evidence review to help demonstrate product value and differentiate the product in the competitive marketplace.
- Analysis and modelling of clinical practice and resource utilisation data to define the total costs of pain management.
- Building an interactive tool to visualise budget impact of different options for wound dressing to support communication with local payers.
- Roll out of sales force training materials on how to demonstrate product value.
We provided an evidence-based value demonstration tool to facilitate discussions with budget holders and put an economic value on a known clinical and resource utilisation benefit, thus highlighting potential cost savings.
The interactivity of the tool allowed input data to be tailored for local costs, supporting its use across all country markets.
Value to the client
This work enabled our client to clearly and consistently communicate the overall value of the product and the budget saving potential to different Health Care Providers and payers, coinciding with a significant increase in global sales.