Early-stage valuation of medical devices: the role of developmental uncertainty

Value in Health

Volumn 13, Issue 5, 2010, Pages 585-591

  Girling, Alan ^a   Young, Terry ^b   Brown, Celia ^a   Lilford, Richard ^a  

^a UNIVERSITY OF BIRMINGHAM   (United Kingdom)

^b BRUNEL UNIVERSITY   (United Kingdom)

Author keywords

cost utility analysis; headroom method; investment under uncertainty; medical devices; value based pricing

Indexed keywords

COST; DECISION MAKING; DEVICE; ECONOMIC ASPECT; MARKET; MARKETING; PRIORITY JOURNAL; REVIEW; STANDARD; UNCERTAINTY;

EID: 77955372141     PISSN: 10983015     EISSN: 15244733     Source Type: Journal    
DOI: 10.1111/j.1524-4733.2010.00726.x     Document Type: Review

References (26)

1. Hartz S, John J. Contribution of economic evaluation to decision making in early phases of product development: a methodological and empirical review. Int J Technol Assess Health Care 2008 24 : 465 472.
2. Annemans L, Geneste B, Jolain B. Early modelling for assessing health and economic outcomes of drug therapy. Value Health 2000 3 : 427 434.
3. Vallejo-Torres L, Steuten LMG, Buxton MJ, et al. Integrating health economics modeling in the product development cycle of medical devices: a Bayesian approach. Int J Technol Assess Health Care 2008 24 : 459 464.
4. Sculpher M, Drummond M, Buxton M. The iterative use of economic evaluation as part of the process of health technology assessment. J Health Serv Res Policy 1997 2 : 26 30.
5. Fenwick E, Palmer S, Claxton K, et al. An iterative Bayesian approach to health technology assessment: application to a policy of preoperative optimization for patients undergoing major elective surgery. Med Decis Making 2006 26 : 480 496.
6. Cosh E, Girling A, Lilford R, et al. Investing in new medical technologies: a decision framework. J Commer Biotechnol 2007 13 : 263 271.
7. McAteer H, Cosh E, Freeman G, et al. Cost-effectiveness analysis at the development phase of a potential health technology: examples based on tissue engineering of bladder and urethra. J Tissue Eng Regen Med 2007 1 : 343 349.
8. Eschenbach T, Lewis N, Henrie M, et al. Real options and real engineering projects. Eng Manag J 2007 19 : 11 19.
9. Ades AE, Lu G, Claxton K. Expected value of sample information calculations in medical decision modeling. Med Decis Making 2004 24 : 207 227.
10. Claxton K, Lacey LF, Walker SG. Selecting treatments: a decision theoretic approach. J R Stat Soc A Stat Soc 2000 163 : 211 225.
11. Willan AR, Pinto EM. The value of information and optimal clinical trial design. Stat Med 2005 24 : 1791 1806.
12. Claxton KP, Sculpher MJ. Using value of information analysis to prioritise health research - some lessons from recent UK experience. Pharmacoeconomics 2006 24 : 1055 1068.
13. Stinnett AA, Mullahy J. Net health benefits: a new framework for the analysis of uncertainty in cost-effectiveness analysis. Med Decis Making 1998 18 : S68 80.
14. Kynn M. The "heuristics and biases" bias in expert elicitation. J R Stat Soc A Stat Soc 2008 171 : 239 264.
15. O'Hagan A, Buck CE, Daneshkhah A, et al. Uncertain Judgements: Eliciting Experts' Probabilities. Chichester : Wiley, 2006.
16. Hull JC. The Evaluation of Risk in Business Investment. Oxford : Pergamon Press, 1980.
17. Lewis N, Enke D, Spurlock D. Valuation of the strategic management of research and development projects. Eng Manag J 2004 16 : 36 48.
18. Rawlins MD, Culyer AJ. National institute for clinical excellence and its value judgments. BMJ 2004 329 : 224 227.
19. Devlin N, Parkin D. Does NICE have a cost-effectiveness threshold and what other factors influence its decisions? A binary choice analysis. Health Econ 2004 13 : 437 452.
20. Drummond M, Sculpher M, Torrance GW, et al. Methods for the Economic Evaluation of Health Care Programmes. Oxford : Oxford University Press, 2005.
21. Claxton K, Briggs AH, Buxton MJ, et al. Value based pricing for NHS drugs: an opportunity not to be missed? BMJ 2008 336 : 251 254.
22. National Institute for Clinical Excellence (NICE). Guide to the Methods of Technology Appraisal. London : NICE, 2008.
23. Briggs A, Sculpher M, Claxton K. Decision Modelling for Health Economic Evaluation. Oxford : Oxford University Press, 2006.
24. Dixit AK, Pindyck RS. Investment under Uncertainty. Princeton, NJ : Princeton University Press, 1994.
25. Johal SS, Oliver P, Williams HC. Better decision making for evaluating new medical device projects: a real options approach. J Med Mark 2008 8 : 101 112.
26. Palmer S, Smith PC. Incorporating option values into the economic evaluation of health care technologies. J Health Econ 2000 19 : 755 766.