Making Health Economics Work with a Limited Budget
As a startup, it’s important to set your new technology on the right market access pathway as early as possible to ensure efficient and effective use of funds and resources. However, funds are often limited for new companies and conducting quality health economics (HECON) studies can seem like a huge undertaking. Often, startups try to avoid investing in a health economics consultant in order to save valuable resources for other activities – or to keep plugging away at regulatory approval. The decision, while saving money in the short term, proves costly in the long run.
Why You Need a Health Economics Study
HOW TO CONDUCT A HECON STUDY ON A LIMITED BUDGET
By working with market access professionals, there will be an up-front investment in a HECON study, however, check with consultants to see if there are options available such as spacing out studies over a given amount of time, conducting simpler models that communicate exactly what you need rather than overly complex models (simple is better). Historical evidence obtained through literature reviews can often take the place of complex studies as well.
Breaking up larger HECON studies into smaller sprints is another option offered that allows for easier budgeting, especially while funds are limited early in the product lifecycle. Sprints are smaller parts of the larger study and are prioritized according to the technology’s phase in the product lifecycle, target audience, device type, and anticipated market access strategy.
Consider a programmatic arrangement with your market access consultant. This may be an option when several solutions and studies are needed over a longer term. Programmatic consulting agreements offer a discounted rate in exchange for longer-term partnerships.