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.
Skip Nav Destination
Article navigation
Design Of Medical Devices Conference Abstracts
Early Stage Economic Evaluation with a Small Medical Device Start-Up Company Using a Markov Model
Michael P. Craven,
Michael P. Craven
University of Nottingham
Search for other works by this author on:
Steven P. Morgan
Steven P. Morgan
University of Nottingham
Search for other works by this author on:
Michael P. Craven
University of Nottingham
Steven P. Morgan
University of Nottingham
J. Med. Devices. Jun 2011, 5(2): 027516 (1 pages)
Published Online: June 13, 2011
Article history
Online:
June 13, 2011
Published:
June 13, 2011
Citation
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
Download citation file:
Get Email Alerts
Cited By
Related Articles
The Role of Biofilms in Device-Related Infections
J. Med. Devices (March,2011)
The Evolution of the External Left Ventricular Assist Device
J. Med. Devices (June,2010)
Cerebrospinal Fluid Volume Monitoring for Hydrocephalus Therapy
J. Med. Devices (June,2011)
Shape-Memory Nitinol Tympanostomy Tube and All-in-One Introducer Device for Treatment of Otitis Media
J. Med. Devices (June,2010)
Related Proceedings Papers
Related Chapters
Occlusion Identification and Relief within Branched Structures
Biomedical Applications of Vibration and Acoustics in Therapy, Bioeffect and Modeling
Introduction
Nanoparticles and Brain Tumor Treatment
Experimental Studies
Nanoparticles and Brain Tumor Treatment