Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach

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Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach. / Vallejo-Torres, L; Steuten, LMG; Buxton, MJ; Girling, Alan; Lilford, Richard; Young, T.

In: International Journal of Technology Assessment in Health Care, Vol. 24, No. 4, 01.01.2008, p. 459-464.

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@article{fe15c19cd0654e4d839be4332c19a85f,
title = "Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach",
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 = "Bayesian analysis, Iterative economic evaluation, Medical devices",
author = "L Vallejo-Torres and LMG Steuten and MJ Buxton and Alan Girling and Richard Lilford and T Young",
year = "2008",
month = jan
day = "1",
doi = "10.1017/S0266462308080604",
language = "English",
volume = "24",
pages = "459--464",
journal = "International Journal of Technology Assessment in Health Care",
issn = "0266-4623",
publisher = "Cambridge University Press",
number = "4",

}

RIS

TY - JOUR

T1 - Integrating health economics modeling in the product development cycle of medical devices: A Bayesian approach

AU - Vallejo-Torres, L

AU - Steuten, LMG

AU - Buxton, MJ

AU - Girling, Alan

AU - Lilford, Richard

AU - Young, T

PY - 2008/1/1

Y1 - 2008/1/1

N2 - 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.

AB - 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.

KW - Bayesian analysis

KW - Iterative economic evaluation

KW - Medical devices

U2 - 10.1017/S0266462308080604

DO - 10.1017/S0266462308080604

M3 - Article

C2 - 18828941

VL - 24

SP - 459

EP - 464

JO - International Journal of Technology Assessment in Health Care

JF - International Journal of Technology Assessment in Health Care

SN - 0266-4623

IS - 4

ER -