Medilink News 20th Anniversary Edition Medilink News NOE 2017f - Page 12

TOM WRIGHT PATRICK TROTTER INNOVATION FOCUS Tom Wright and Patrick Trotter from the Medilink Innovation and Commercialisation Team highlight how a value proposition can help you build your business case for the NHS and increase your probability of commercial success. What is a value proposition? It is a clear statement that explains how your product or service solves customers’ problems (Relevancy), delivers specific benefits (Quantified Value) and tells the customer why they should buy from you (Unique Differentiation). How can your organisation create a value proposition for the NHS? The NHS evaluates performance in accordance with a series of frameworks and quality indicators that ultimately influence commissioning. These include the NHS Outcomes Framework (clinical outcomes and patient issues), QIPP agenda (efficiency and cost savings), CQUINs and Quality Premium (menu of locally agreed targets). To secure market access, it is essential to develop a business case which articulates the benefits to the NHS using the language of the NHS. The value proposition you create becomes a major component of the business case for the adoption of your technology. What else can the value proposition do for you? You can also use the process to identify forms of evidence you should collect during clinical studies to support your claims in what is termed an Evidence Generation Plan. By understanding the requirements of the NHS early on, you can ensure you gather the appropriate quantitative evidence to further strengthen your value proposition. When should you create the value proposition? This should ideally be done very early in the R&D project. It can help define product claims and ensure that you gather evidence to support these claims. However the value proposition can be done retrospectively for launched products that have failed to gain market traction. To get in touch with us, email or call us on 0114 232 9282 12 SLEEPCOGNI SleepCogni receives InnovateUK grant funding to continue their quest to improve sleep science to take investment secured to over £1m. As part of a collaborative R&D program, the UK’s Innovation agency, InnovateUK, have co-funded SleepCogni’s exciting research and development into helping resolve the global epidemic of insomnia. SleepCogni is being developed to help clinicians and healthcare professionals treat the many people suffering from sleeping problems more effectively and successfully. This takes funding and investment into SleepCogni to over £1m in the last 18 months, following a recent £485,000 investment led by Mercia Fund Management. This successful VC funding has now led onto the ability to co fund and raise government agency funding support. The new funding by Innovate UK allows the company to advance their research and development using a clinical trial, (150 subjects over 1,490 research nights). SleepCogni offers a real intervention for long term suffering insomniacs. Furthermore, it allows the company to increase its world class team building on Dr Van de Werken’s appointment as Chief Scientific Officer in 2016 and locate to the Kroto Innovation & Research Centre within the University of Sheffield. The company now looks to potentially raise larger funding in 2018 driven by successful key milestones from product build, trials and validation. Showing new investors that they have the real ability to commercialise the product to market in the UK and into the US. Dr Ash Patel, board member & Investment Manager at Mercia Fund Management said,”We are excited to be supporting what could potentially be a game changing patented technology, this is a global issue that is crying out for a clinical solution.”