Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach
- 1 October 2008
- journal article
- general essays
- Published by Cambridge University Press (CUP) in International Journal of Technology Assessment in Health Care
- Vol. 24 (04), 459-464
- https://doi.org/10.1017/s0266462308080604
Abstract
Objectives:Medical device companies are under growing pressure to provide health-economic evaluations of their products. Cost-effectiveness analyses are commonly undertaken as a one-off exercise at the late stage of development of new technologies; however, the benefits of an iterative use of economic evaluation during the development process of new products have been acknowledged in the literature. Furthermore, the use of Bayesian methods within health technology assessment has been shown to be of particular value in the dynamic framework of technology appraisal when new information becomes available in the life cycle of technologies.Methods:In this study, we set out a methodology to adapt these methods for their application to directly support investment decisions in a commercial setting from early stages of the development of new medical devices.Results and Conclusions:Starting with relatively simple analysis from the very early development phase and proceeding to greater depth of analysis at later stages, a Bayesian approach facilitates the incorporation of all available evidence and would help companies to make better informed choices at each decision point.Keywords
This publication has 15 references indexed in Scilit:
- Investing in new medical technologies: A decision frameworkJournal of Commercial Biotechnology, 2007
- The need for Pragmatic Experimentation in Educational ResearchEconomics of Innovation and New Technology, 2007
- Modeling payback from research into the efficacy of left-ventricular assist devices as destination therapyInternational Journal of Technology Assessment in Health Care, 2007
- An Iterative Bayesian Approach to Health Technology Assessment: Application to a Policy of Preoperative Optimization for Patients Undergoing Major Elective SurgeryMedical Decision Making, 2006
- Capturing user requirements in medical device development: the role of ergonomicsPhysiological Measurement, 2006
- Whither trial‐based economic evaluation for health care decision making?Health Economics, 2006
- Early assessment of the likely cost-effectiveness of a new technology: A Markov model with probabilistic sensitivity analysis of computer-assisted total knee replacementInternational Journal of Technology Assessment in Health Care, 2006
- A preliminary economic evaluation of percutaneous neuromuscular electrical stimulation in the treatment of hemiplegic shoulder painDisability and Rehabilitation, 2006
- Patient safety — how much is enough?Health Policy, 2005
- Methods in health service research: An introduction to bayesian methods in health technology assessmentBMJ, 1999