The New C-Suite
The cCMO provides combined business, medical, and regulatory judgment to product design, product development, clinical assessment, and medical product performance follow-up.
The CMO oversees market research, the market interface, product launch and go-to-market strategies, product surveillance, product lifecycle management, and the business case for the product.
The CXO oversees the curation of experience through human factors and design. From the look, feel, and function to the overall experience of medical products as perceived by all involved stakeholders be they patients, clinicians, payers, or purchasers.
In recent years, the patient has more intensely become a customer (or consumer) of goods and services in medicine. Each expects drugs, devices, diagnostics, digital applications, medical foods, supplements, and processes to function far more effectively, safely–and effectively and safely together–than in the past. Underscoring this point in the U.S., patient (consumer) satisfaction scores are now part of the constellation of quality metrics impacting providers’ reimbursement.
Regulatory and reimbursement agencies reflect this new consumer attitude that has been augmented to a great degree by internet access to medical information and direct to consumer marketing (in the U.S.). It is now incumbent on the medical product developer to ensure that products are not only created within regulatory guidelines but also meet high level needs at the patient care interface–and are sufficiently valued to achieve reimbursement approval.
Products must no longer simply work and be safe, they need to be accessible, appealing, and understandable to those receiving and administering them, fitting into their everyday lives, not jarring against expectations. In addition to improving the quality of care, new products also must meet increasingly stringent health economic hurdles to gain widespread adoption.
This new reality calls for an elevated appreciation of human nature and financial reality. The new C-Suite addresses these issues in a unique, collaborative way that combines the elements of medical awareness, market penetration strategy, and customer use preferences as applied to product and process design.
The following section, which describes the roles of the cCMO, CMO, and CXO as unique functions and skillsets, emphasizes how they work together in the new world of medical product development.