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 [email protected]
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.”