Conducting head-to-head clinical trials to determine the economic impact of your product is not always feasible due to the costs and sampling issues associated with such an undertaking. These limitations create a need for economic modeling. We have broad experience developing economic models that reflect the variables influencing the economic impact of your drug and the logic rules to reflect the relationship between them. Our health economics services can help you:
Select among potential drug candidates
Make pricing decisions
Achieve formulary acceptance
Gain reimbursement
Understand your market
Differentiate your product from competitors, generics, and OTCs
Respond to health care budget constraints
Model Development Process
With each economic model, we follow a detailed process to build you a precise, reliable model. To begin, we review clinical trial data; perform a systematic literature review; and gather other available evidence from databases, observational studies and subject matter experts. Then, we conceptually start building your model and run validation checks for clinical and structural logic. Once the concept is established, the model is built to strict quality assured standards. Next, we run primary and sensitivity analyses and summarize the results. Depending on your needs, we may also develop interactive models, user guides and training materials.
Ideally, clinical trials are the foundation for economic models; however, database studies and decision tree modeling are viable alternatives when conducting a clinical trial is not an option. Decision models map out the key paths and alternatives throughout the treatment and disease patterns while database studies provide relevant real-world information that can be extrapolated to the economic model. We also develop more advanced models including Markov health state models and discrete event simulations. As an add-on service to a model we create or a stand-alone service for a model you currently have, we will develop user-friendly front ends for your model. These interactive models convert highly technical, often complex, economic models into computer-aided, visually-appealing graphical user interfaces that can be easily run by non-technical users.
Trust Our Experience
We have extensive experience building both simple and complex models for North American and European products. Because of our established experience successfully developing economic models, you can be confident in your model’s predictive ability, which can substantiate your development and commercialization decisions.
