Economic Evaluation of Medical Devices

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Publication details

Title of host publicationOxford Research Encyclopedia of Economics and Finance
DateAccepted/In press - 8 Nov 2017
DatePublished (current) - 1 Mar 2018
Number of pages20
PublisherOxford: Oxford University Press
Place of PublicationOxford
EditorsJ.H. Hamilton
Original languageEnglish
ISBN (Print)9780190625979

Abstract

There are a number of challenges in the economic evaluation of medical devices (MDs). They are typically less regulated than pharmaceuticals, and the clinical evidence requirements for market authorization are generally lower. There are also specific characteristics of MDs, such as the device–user interaction (learning curve), the incremental nature of innovation, the dynamic nature of pricing, and the broader organizational impact. Therefore, a number of initiatives need to be taken in order to facilitate the economic evaluation of MDs. First, the regulatory processes for MDs need to be strengthened and more closely aligned to the needs of economic evaluation. Second, the methods of economic evaluation need to be enhanced by improving the analysis of the available clinical data, establishing high-quality clinical registries, and better recognizing MDs’ specific characteristics. Third, the market entry and diffusion of MDs need to be better managed by understanding the key influences on MD diffusion and linking diffusion with cost-effectiveness evidence through the use of performance-based risksharing arrangements.

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    Research areas

  • cost-effectiveness, reimbursement, health policy, regulation, health technology assessment

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