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.
Early Stage Economic Evaluation with a Small Medical Device Start-Up Company Using a Markov Model
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Craven, M. P., and Morgan, S. P. (June 13, 2011). "Early Stage Economic Evaluation with a Small Medical Device Start-Up Company Using a Markov Model." ASME. J. Med. Devices. June 2011; 5(2): 027516. https://doi.org/10.1115/1.3590366
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