An increasing number of medical device and pharmaceutical companies are offering a money-back guarantee to payers and providers for products that do not work as intended, reports STAT.
Many of these companies have implemented refund programs as a way to make payers and provider groups slightly more comfortable with their products' high prices, according to the article.
Medical device companies that have launched refund programs include Stryker, Boston Scientific, Johnson & Johnson, Medtronic and Titan Spine.
In the pharmaceutical arena, Cigna has signed contracts with Amgen, Regeneron Pharmaceuticals and Sanofi for cholesterol-lowing drugs. Should real-world patient outcomes not match the results of clinical trials, the pharmaceutical companies have vowed to give Cigna a price discount on their product.
Employing a real-world clinical approach to medical devices and drugs gives manufacturers the opportunity to stand behind the performance and cost of their offerings.