We describe the formulation and manufacture of thermoplastic polyurethane (TPU)-based steroid-eluting components and the development of a versatile, material-agnostic analytical method for their rapid characterization. The impact of materials, formulation, and processing on controlled release behavior was characterized and compared to current industry standard components under physiologically relevant conditions. The combination of factors modulated drug release, offering new avenues for controlling the release of steroids from implantable medical devices.