Health Technology Assessment in the Early Phases of Development of Medical Devices: A Catalyst for Sustainable Growth and Innovation

India's medical device sector is experiencing growth and technological advancements, driven by increased interest and government support in research and development. To promote innovation, significant amount of time and resources are spent on research and development before realization of a final product. To optimize the judicious allocation of these limited resources, the implementation of Health Technology Assessment (HTA) during the early phases of product development and testing should be adopted. Conducting early HTA enables an innovator to make well-informed decisions, demonstrate value to stakeholders, and improve market access by determining an appropriate price for the device which represents its value. The health economic models can be used throughout the life cycle of the innovation to inform decision making; however, the challenge lies in the lack of awareness regarding early HTA. It is thus imperative to increase knowledge and build capacity of the researchers, and foster collaboration between innovators and government organizations to realize the true potential of early HTA.