Economic Models

We develop economic model to evaluate cost-effectiveness of a drug or medical devices. Developing an economic model can be particularly useful for pharmaceutical and medical device companies as it:

  • Allows for an early engagement and validation with KOLs regarding the pertinence of the modelling approach
  • Enables identification of key value drivers
  • Provides an estimate of the economically justifiable price (EJP) which aids in critical decision making about conducting future trials on the molecule under development
  • Helps identify data gaps and prepare a plan to close them before submission to HTA agencies

We support pharmaceutical companies and midsize and large consultancies at different steps of an health technology assessment (HTA) submission. This may include developing a de novo model in Excel, conducting sensitivity analysis, assisting with writing economic sections of the value dossier or preparing references in EndNote™.

We also provide independent review services (see below) for a model developed externally to minimise the risk of errors.

Model Adaptations

We conduct model adaptations to suit local country requirements based on their local epidemiological, clinical and treatment settings. Adapting a previously developed model allows for consistency in the messaging and modelling approach and reduces duplication of efforts at individual country-level offices

Our team works in close collaboration with the country and global offices to ensure that the adapted model is suitable for decision making in the country of its implementation.

Technical Reviews

All models are wrong, some are useful,” – George Box (1979)

We provide independent review of the models developed externally which helps to minimises the risks of technical/formulae errors or methodical errors. We conduct a detailed thorough sheet by sheet check of the models and use our in-house developed checklist to stress test model on various parameters.

BIM and Value Tools

We develop Budget impact models (BIM) to assess the impact on the budget when introducing a new technology/drug. We do a detailed cost analysis which equips the decision maker with robust information for better planning and allocation of resources. It helps them to identify the additional costs/savings at different stages of the disease management pathway.

Literature Reviews

We conduct systematic literature review (SLR) as well as targeted literature review (TLR) to identify relevant evidence for the decision problem. A thorough review of literature is helpful in identifying previous modelling approaches used in the therapeutic area, assessing information on efficacy and safety for the treatments considered, and identifying data on costs and quality of life that may have been published. In addition to providing a quick overview of the existing literature, a literature review based on clear research questions ensure that all model assumptions and inputs are derived from evidence-based research.

Miscellaneous Services

We provide support on a host of miscellaneous services that are an integral part of the HEOR project such as development of manuscripts, abstracts and posters.  We can formulate questionnaires for interviews with clinicians to inform the development of the model, prepare materials for presentation as well as present at advisory boards, develop slide decks and assist with writing/editing reports.

Data Extractions

We can assist with data extraction from published studies, HTA websites and grey literature as required in the desired project-specific template. We have extensive experience in conducting such extractions (English language only) and can perform a quality check on the extractions conducted externally.

Discuss your HEOR challenges with the experts.