Investing in new medical technologies: A decision framework

• DOI: 10.1057/palgrave.jcb.3050062
• Publication Date: 2007-10-01T06:51:08Z
• Authors: Emma Cosh; Alan Girling; Richard Lilford; Helen McAteer; Terry Young
• Keywords: Investor relations; Bioethics

Purchasing and reimbursement decisions in healthcare systems with finite resources are increasingly influenced by formal health economic analysis. It is therefore sensible for a company considering the development of new medical technology to assess its potential cost effectiveness as early possible cycle. This document describes process which an organisation can add rigour about technologies pursue, well creating persuasive argument outside investment. The consists series analyses that should be conducted before substantial investments made. stages algorithm are: strategic considerations, clinical problem definition, headroom analysis, return on investment analysis further paper concentrates definition aspects process. Two worked examples calculating theoretical products tissue engineering urogenital given. gain urethral unlikely sufficient justify regenerative medicine solution, whereas bladder substitution after tumour resection has effective providing marginal costs do not exceed £16,000. framework discussed here provides structure illuminate situation, may otherwise appear hard fathom. A primarily useful barrier misguidedly investing those devices, never effective.