Early economic models are developed to allow the user to gain an understanding of the likely cost-effectiveness of treatment alternatives under different (often future) circumstances. They are most commonly used to assess the likely cost-effectiveness that will be associated with different results of clinical trials that ae planned or in progress, together with different costs (including drug price) of the new intervention. They can also be used to determine the relative importance of different model parameter inputs (to which input parameters in the economic model is the cost-effectiveness result most sensitive). This may help inform decisions on target populations, pricing, and prioritisation of further research. Early models may be developed into ‘final economic models’ used to support published cost-effectiveness analyses and submissions for reimbursement when definitive results are available from source clinical studies. However the value of an early model often lies in its simplicity, where expert judgment has been used to focus on the central drivers of the economic analysis.
How to cite: Early Modelling / Early Model [online]. (2016). York; York Health Economics Consortium; 2016. https://yhec.co.uk/glossary/early-modelling-early-model/