Significant transformations in healthcare have initiated a shift towards outcome-based reimbursement and compensating providers for the quality, rather than quantity, of services rendered. Consequently, providers are adopting devices that deliver improved patient outcomes at lower costs. In order to increase profit, many medical device manufacturers have begun expanding into industry white space and diving into adjacent value pools. But what is white space in the medical device industry, and how is occupying this space advantageous?
What is White Space?
In simple terms, white space refers to the services and solutions surrounding a technology. Some companies are developing clinical-support solutions stemming from their core offerings to increase revenue. Others are targeting new stakeholders and independent revenue streams to enable a broader involvement across the entirety of care.
A recent article illuminates the opportunity that white space development provides, but warns that “Successfully executing and scaling solutions will be challenging. Without a clearly articulated strategy and a vigorous approach, solutions risk being white elephants.” This article also emphasizes the importance of aligning solutions in adjacent value pools with company goals, prioritizing correctly, identifying key value drivers, and seeking partnerships where internal capabilities and resources are limited to avoid developing a burdensome solution.
At TTi, we have the experience to help you find and prioritize the right solutions in the right value pools. Our Assess – Align – Accelerate approach allows us to line up your solutions and evidence generation plans with your business goals and market needs while our upfront engagement with stakeholders ensures that solutions are prioritized correctly, and key value drivers are pinpointed accurately and early.
Avoid developing a white elephant – contact us today to accelerate your solutions and maximize value.