Highlighting the Challenges in the Development, Funding, and Reimbursement of Medical Innovations from a Developer Perspective

Abstract

Healthcare system is an essential system for any nation as it is responsible for maintaining the health of the individuals and public. However, the outbreak of different viral diseases such as influenza, covid-19 etc. has encouraged medical research in different developing and developed countries. Similarly, in Malaysia, different public and private research centers and biotechnology firms are being promoted to develop new and innovative medical drugs and equipment. However, different challenges are faced by the developers in promoting the development and innovations of medical commodities. Thus, this study was conducted to investigate different challenges in the development, funding, and reimbursement of medical innovations in Malaysia. For this purpose, semi-structured interviews were conducted with 7 developers from different public research and development (R&D) centers and biotechnology firms in Malaysia. After the interviews were conducted, their edited transcription was obtained, and thematic analysis was conducted, and different themes and sub-themes were formulated. The results obtained from this study showed that the lack of innovative environment, strategic compliances and effective funding structure negatively influences medical innovations in Malaysia. It has also been observed that poor reimbursement practices and policies and lack of pricing strategies by the Malaysian government impacts the ROI of the associated firms and developers. Thus, it has been recommended that mega-funds and reimbursement policies should be promoted to overcome these challenges in medical innovations.