“In order to reach their primary goal of improving patient treatment, medical device developers must, among other things, consider the type of patient class and their out-of-pocket costs for receiving treatment,” principal Chris Miller writes in a recent article published at Medical Device and Diagnostic Industry (MD+DI) Online.
Miller’s insightful article outlines several key steps medical innovators should consider when bringing new technologies and tools to market. He cautions developers to “think about it backward – figuring out how or whether a patient can get insurance coverage for a device before they’ve even engineered it.”
He goes on to outline the importance of having a “good understanding of insurance coverage, medical coding, and regulatory requirements, all of which can impact how a device is engineered and whether it will be lucrative enough to attract investment funding.”
Miller also underscores the importance of working with experienced intellectual property (IP) counsel who understand the patent process, can discern between an idea and an invention, and are familiar with the overall invention and steps necessary to protect all of its components.
Miller is based in the firm’s Dallas office. He provides wide-ranging legal advice for obtaining intellectual property protection in the U.S. and abroad. His background includes work as an engineer in the design, software programming, and troubleshooting of automatic control systems for electro-mechanical devices for use in automotive, oil and gas, refining, waste management, and aerospace industries.
MD+DI is a resource for original equipment manufacturers of medical devices and in vitro diagnostic products. The organization helps industry professionals develop, design, and manufacture medical products that comply with complex and demanding regulations and market requirements.
The full article can be found on MD+DI’s website.