Health economics evidence is not only a good business decision – it’s expected.
Health economics serves a critical function for life sciences small- and medium-sized enterprises (SMEs). In addition to clinical data demonstrating safety and efficacy, SMEs require health economics data and analysis to demonstrate that their innovations are cost-effective for health systems and represent a good use of resources. Without this key component of their evidentiary package (i.e., documentation that must be submitted to healthcare organizations during the procurement process), SMEs are challenged to successfully commercialize their products.
The IHE has a dedicated Life Sciences SME Commercialization Platform within the Institute that collaborates with and provides support for SMEs in the life sciences.
The IHE provides services to:
- educate SMEs and support organizations (e.g., accelerators) on the value and use of health economics to support procurement efforts;
- assess early-stage technology and provide innovators and investors with insights into commercial potential given the anticipated economic evidentiary requirements and hurdles that innovators will need to meet and overcome to eventually market a technology that is attractive to payers; and
- model the value proposition for market-ready technology in order to prepare the adoption case for new technology and support procurement/market access efforts; and
- support clinical trial activities and document the economic value of a technology using data captured during trials, in order to support SMEs to prepare complete (clinical and economic) evidence packages for procurement purposes.
The IHE Life Sciences SME Commercialization Platform is a self-contained entity within the IHE, with dedicated professional and research staff and infrastructure. It has robust firewalls between it and publicly funded programs, and a clear Conflict of Interest policy and management process. It remains under the ultimate authority of the IHE Executive Director and Chief Executive Officer.
Please visit our website for more information.See all programs of Institute of Health Economics