Health Economic Modeling for Healthcare Markets
A robust marketing strategy when launching new MedTech and Pharma products is essential to achieve optimal market access and product reimbursement. Our experts provide a wide variety of evidence generation plans to support our clients’ products and services, which include developing an optimal economic model from various societal or payers’ perspectives. Our team uses methods and tools ranging from basic decision-analytic models to complex Markov simulation models, in order to quantify the value of products and translate their clinical and nonclinical benefits into monetary values.
Optimax Access modeling methods include;
Early Economic Modelling and Threshold Analyses
Our early economic modeling and price threshold analysis services have been designed to generate important evidence at an early stage of product development:
• Early health economic modeling: Assessing the comparative clinical and economic effectiveness of our clients’ products. The early economic model will help to identify the key drivers of our clients’ value proposition at an early stage to optimize the price of the product, inform subsequent research studies, and collect the most relevant data to support the economic models and product value proposition.
• Threshold analysis will help to identify the minimum level of effectiveness and maximum product price that will ensure the product is cost-effective compared to competitors. It will also enable our clients to identify the optimal price for their products using a value-based pricing system and to invest further in the best products with the highest return on investment.
Budget Impact Models
Economic assessments of new innovations should focus not only on cost-effectiveness but also affordability. Our experts help our clients assess whether the uptake of their new health technology by the health care service will be affordable from the payers’ perspective. Such models are conducted by estimating the change in expenditure to a specific budget holder, resulting from the reimbursement of a new healthcare technology. Our team uses credible and precise data from reliable sources to give our clients the most realistic results and help them to achieve reimbursement from payers and insurers.
Global Health Economic Models and Health Technology Assessment (HTA) Agency-Specific Models
Placing your product, medical device or new therapeutic procedure on the global market comes with its own set of challenges, as different geographic areas are governed by different HTA agencies. Our team conducts optimal modelling specific to international requirements to help our clients make the most informed decisions based on country-specific clinical and economic scenarios.
We also offer a unique service in developing health economic models on a user-friendly, web-based platform to improve the transparency, adaptability, and accuracy of your economic analysis and HTA submission. Please see our products section for further information.
Adapting Economic Models to Reflect Intra-Country and Regional Specificities
At Optimax Access, we understand that health regulations may vary from one country to another, and even across regions within a country. We help our clients conduct the appropriate research and produce the necessary evidence to achieve market access based on their target market regulations and requirements. Our team of experts considers several indicators and reliable evidence sources to help our clients build the optimal economic models for their target market areas.
Cost-Effectiveness, Cost-Utility and Cost-Consequence Models
To achieve a lengthy lifecycle in the modern global healthcare market, cost-effectiveness of a technology should be demonstrated. At Optimax Access, we conduct a range of different economic modelling techniques to demonstrate how your innovation may save costs and improve outcomes.
• By assessing cost-effectiveness, our team helps our clients define their products economic value. Cost-effectiveness models can be used to estimate the impact of a technology on costs and outcomes over the short- and long term.
• A cost-utility model considers the cost of the technology, alongside the impact of the innovation on patient quality of life. Our team use such models to demonstrate the cost-saving potential of your product, and its impact on patient outcomes.
• A cost-consequence analysis allows our clients to consider the cost of their new health technology alongside a range of different health outcomes and to measure its real economic value.
Our team offers all types of analyses to help our clients understand the true economic value of their technology, when considered alongside relevant clinical data. We have a dedicated team of health economic modelling specialists, who are highly experienced in developing such models for the consideration of policymakers and regulators across multiple countries.
Survival Modelling and Extrapolation
Survival models are used to translate clinical data into meaningful evidence which could be used to better understand the value of a new product. Extrapolation analyses help to assess long-term benefits should a patient use a new health technology and the occurrence of clinical events with and without the introduction of the new technology. These analyses can produce valuable data for different purposes:
• As part of a Health Technology Assessment submission as these analyses generate evidence on a product, medical device or new therapeutic procedure’s effectiveness and long-term impact on patient outcomes. In turn, such evidence helps our clients secure reimbursement and engagement from payers.
• Communication strategies provide our clients with credible data to promote their products and inform key decision-makers and stakeholders.
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