Software as a Medical Device (SaMD) is one of the hottest segments in digital health. And it’s easy to see why: it’s changing how patients and providers interact and streamlining the way data is shared, tracked and analyzed.
In partnership with HealthXL, a digital health community and advisory company, we surveyed the pharma industry about SaMD, interviewed top digital health leaders and analyzed publicly available data for the top 30 firms over a nearly three-year period.
The insights from this survey reveal the huge potential for SaMD for biopharma, as well as the potential pitfalls.
We found that the expectation of what it would take to successfully launch a SaMD product was different from reality in two important ways: cost and time.
In fact, 55% of the key opinion leaders we interviewed expected development of a SaMD project to take just one to two years, when in reality 66% of them said their projects took three years or more to launch.
Meanwhile, our survey found that 71.4% of firms that had brought a SaMD to market misestimated the cost.
One executive insight from our interviews with digital health leaders:,
"External partners—like BrightInsight—can save about two thirds of the cost per SaMD solution."