Advice for Medtech Companies: Prioritize FDA, Consumers, and Costs
Sunday, March 1, 2015
Over the past two years, the relationship between FDA and makers of medical devices and drugs has improved, yet there is more that companies can do to ensure success as the healthcare field rapidly evolves, according to a recent report from PricewaterhouseCoopers (PwC).
According to the report authors, companies developing a product should communicate frequently with FDA, keep the consumer and economic value in mind, explore ways to accelerate patient access, and collaborate with public-private groups to better anticipate the development and approval process.
The healthcare industry is changing quickly, with new non-traditional players joining. “We’ve seen many new entrants to this market. I think now we’re seeing electronic companies come in, consumer-focused companies come in....who’ve never really worked in the health arena,”said Chandresh Harjivan, principal in Pharmaceutical and Life Sciences R&D Advisory Services for PwC, during Thursday’s webcast detailing the report.