2011 Design of Medical Devices Conference Abstracts

Early Stage Economic Evaluation with a Small Medical Device Start-Up Company Using a Markov Model PUBLIC ACCESS

[+] Author and Article Information
Michael P. Craven, Steven P. Morgan

University of Nottingham

J. Med. Devices 5(2), 027516 (Jun 13, 2011) (1 page) doi:10.1115/1.3590366 History: Published June 13, 2011; Online June 13, 2011

Medical device start-ups are increasingly being challenged to justify the economic value of their innovation at an early stage, in a manner that is acceptable to the health technology assessment (HTA) community. The experience of introducing a medical device start-up company to health economics methods is described, outlining the construction of a basic Markov model to assess the potential cost-effectiveness of their wound healing innovation for treating diabetic foot ulcer. The model provided the start-up with the means to articulate their innovation in health economic terms. A common understanding of value between innovator and assessors is essential to improving the efficiency of taking innovations though the HTA process and into adoption.

Copyright © 2011 by American Society of Mechanical Engineers
Topics: Medical devices
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