Prove It: The Value of Healthcare Economics in the Medical Device Industry
In the study Olympus set out to prove that ENDOCUFFTM had a strong return on investment. From previous clinical data, it was already proven that ENDOCUFFTM improved adenoma detection rate (ADR), but the team needed to prove the value of ENDOCUFFTM adding a cost for each case, one that the healthcare provider or payer would have to absorb.
To make the case that cost savings and health benefits could be realized by avoiding colorectal cancer cases and the associated medical and cancer treatment costs, the team followed these steps:
- Engaged with an experienced third-party research group, Guidehouse, and a team led by Tiffany Yu.
- Educated themselves on the baseline: particularly “willingness to pay”.
- Used economic modeling to assist in generating findings - clinical study results were the starting point.
- Published in a peer-reviewed journal.
- Informed Olympus customers.
To learn more about the ENDOCUFFTM study and how Beth and the Guidehouse team conducted their research, click here.
 About HEOR. ISPOR. https://www.ispor.org/heor-resources/about-heor.