DIA 2021 Global Annual Meeting

Innovations in Medical devices often find difficulty in commercialization due to limited funding opportunities in low and middle-income countries. Also, funding decisions based on economic viability and scalability are not sufficient to propose a 360-degree value proposition of an innovation. In this session, we will attempt to understand the differences in funding models between developed and developing countries for medical device innovations. We will also attempt to propose a value-based funding framework for effective incubation/acceleration of innovative products. Value-based funding, similar to value-based contracting, depends on the value of the product realized from outcome research studies. This session will discuss the status of value-based funding in the US/India, Asia, Europe, and other countries. It will also touch upon aspects on how to encourage funding bodies to perform needs assessment through the proactive involvement of biomedical engineers and promote the role of value dossier professionals to prepare a robust value-based funding application as the foundation of the overall activity.