Background <p>Recent advances in treatment for type 1 (T1D) and type 2 diabetes (T2D) may have an impact on patients’ treatment satisfaction, which can affect adherence and outcomes. Established patient-reported outcome (PRO) measures of treatment satisfaction may not be sensitive to the treatment attributes and outcomes that are relevant and important to patients receiving new diabetes medications. The purpose of this study was to develop a new PRO measure to assess treatment satisfaction that would be relevant to patients receiving various diabetes treatments, including newer medications.</p> Methodology <p>Concept elicitation interviews were conducted with adults with T1D and T2D to identify factors that contribute to treatment satisfaction. Results of these interviews were used to generate content for a draft PRO measure. Cognitive interviews were conducted with patients with T1D and T2D to evaluate the draft questionnaire.</p> Results <p>Concept elicitation interviews were conducted with participants with T1D (<i>n</i> = 10; mean age = 41.7 years; 70% female) and T2D (<i>n</i> = 20; mean age = 61.2 years; 45% female). Patients reported treatment attributes that contribute to satisfaction, such as medication effectiveness, medication administration, and impact on energy, weight, and eating behavior. The new PRO measure, the Patient Satisfaction with Medication for Diabetes (PSMD™) questionnaire, was evaluated in cognitive interviews with participants with T1D (<i>n</i> = 5; mean age = 40.8 years; 60% female) and T2D (<i>n</i> = 10; mean age = 60.8 years; 60% female). Results of the cognitive interviews suggest that the final instrument is clear, comprehensible, and relevant to patients.</p> Conclusions <p>Results support the content validity of the PSMD, which may be useful in assessing patients’ satisfaction with new and established diabetes medications.</p>