What is an early model?
An early economic model is a simple tool 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 are planned or in progress, together with different costs (including device or test price) of the new intervention.
Early models can also be used to determine the relative importance of different model parameter inputs which will in turn help inform decisions on target populations, pricing, and prioritisation of further research. Early models may be developed into more advanced economic models used to support formal market access activities including health technology assessment (HTA) submissions to key agencies.
When do you need an early model?
An early model is ideally constructed on the basis of early data if being used to inform further data collection. Alternatively, the early model can be constructed at the beginning of market access/ commercialisation planning in order to inform pricing research and other evidence generation needs. Ideally, the early model would fulfil both of these tasks simultaneously.
How can we help you?
We can help you to:
- Distil all relevant evidence into a coherent conceptual model
- Construct a simple early model in an appropriate software package
- Undertake comprehensive uncertainty analyses
- Work with your commercial team to perform early pricing analyses
- Prepare a detailed report to accompany the early model that has specific emphasis on uncertainty analyses and future evidence generation planning
- Organise and host advisory panel meetings to clinically validate the early model
- Organise and host training events on the early model for internal or external stakeholders
YHEC can also offer the following economic modelling related services:
- Third party technical validation of early models built by another agency
- Organising and hosting of bespoke training events