Harvard i-lab: Understanding Reimbursement for Life Sciences Startups
- 4.1.2015 | - 1:00 AM
- Harvard Innovation Lab, Batten Hall 125 Western Avenue Boston, MA 02134
Being able to answer, "Will my device get reimbursed?" has become critical, even for early development stage life sciences companies. From early investment , investors want assurance of a return on their investment, and while they may not expect companies to have all the reimbursement answers, they do expect companies to have identified the correct reimbursement questions. Investors understand that potential provider customers—hospitals and physicians—want to know they can access technologies to advance health care for patients, bill and be paid for their services and preserve their bottom line. Patients play a critical role in decision-making as they weigh their out-of-pocket costs; they want to know if their insurance will cover and pay for treatments.
Importantly, manufacturers need to understand how reimbursement influences access- how payers and providers evaluate clinical and economic evidence supporting the adoption of technology. This presentation will focus on why it is important to create an implementable business strategy that highlights and incorporates obtaining reimbursement and/or defining the value proposition for a product so it can be successfully commercialized in the ever-changing healthcare environment.