Health Economics

Costello Medical’s dedicated Health Economics Team combines the clinical and technical knowledge necessary to develop relevant and robust health economic models that are delivered on time and within your budget. Our exceptional team, led by Matt Griffiths, has experience in the development of complex models for HTA purposes, user friendly market access tools and health economic apps.

What Makes Health Economics at Costello Medical Different?

  • Robust models that are fit for purpose. Whether you are looking for a Markov model, a discrete event simulation, a budget impact model or a cost-of-illness model, we will meticulously plan all aspects prior to starting development to ensure that your model perfectly fits your requirements. We carefully scope the disease area and perform comprehensive literature reviews, in collaboration with the Evidence Development Division, to ensure that the models that we produce are robust and well justified.
  • Strategic model development. Based on Costello Medical’s experience in HTA and Market Access, we have an intimate understanding of the differing requirements of models and can provide strategic advice to clients to help them decide what they need from their model. If you are interested in developing an interactive costing app, we are certified BaseCase developers and through this platform would be able to create an app tailored to your needs.
  • Clinical perspective. Our multidisciplinary team consists of exceptional individuals with backgrounds in science, clinical communication, economics and statistics, allowing us to design complex models that are highly relevant to clinical practice.
  • High quality written support. We firmly believe that we are unique in possessing a team of people who will not only meet your technical needs, but who also possess the skills to write-up these elements in a coherent and compelling manner. The transparent reporting of a model is critical in persuading the audience to trust the results and therefore of utmost importance in order to communicate your model’s results effectively.
  • Predictable budget. We care as much about our clients’ economic models as they do, which is why we continue to refine them at no additional cost until our clients are completely satisfied. This allows accurate budgets to be set at the beginning of the project and avoids hidden fees.
  • In-house design of models. Our gifted Graphic Design Team has experience in designing the user-interface of models in Excel and in the design and coding of apps. This means that models built at Costello Medical look appealing and professional, as well as being scientifically and mathematically accurate.

Please contact Matt Griffiths for further information on health economics at Costello Medical, or to request a quote.

We developed a Markov model to support an SMC submission for a technology in a small sub-population, which demonstrated that the new technology was cost-effective at a willingness-to-pay threshold of £20,000 per QALY, although there was considerable uncertainty over the ICER. The New Drugs Committee (NDC) originally advised the SMC to reject the technology for this indication due to the uncertainty over the indirect comparison which drove the model.

Within very short timelines, we provided our client with many additional sensitivity analyses, using more extreme inputs and assumptions requested by the SMC, in order to demonstrate the economic case for the technology; these included additional scenarios, probabilistic results, threshold analyses, and a revised budget impact. We then interpreted these additional analyses concisely and persuasively to reassure the SMC that although there was some uncertainty within the model, the drug in question was more likely to be cost-effective than the comparator and that the risks with approving this drug were low.

The SMC reversed the NDC advice and decided to accept the technology for use in Scotland, which allowed a small sub-population with a high unmet clinical need to gain access to an important therapy.

For an All Wales Medicines Strategy Group (AWMSG) submission, it transpired that there was a lack of quality of life or utility data associated with the intervention under review.

Costello Medical developed a time-dependent utility model that showed that any magnitude of hypothetical, incremental difference in utility would render the therapy under review cost-effective at a willingness-to-pay threshold of £20,000. Coupled with this model, Costello Medical presented a persuasive argument for why the therapy under review would be associated with a higher utility, based on considerations of symptom burden and administrative factors.

Despite the lack of hard utility data, the AWMSG was convinced that the therapy could be considered cost-effective and recommended its use in Wales.

A large medical device manufacturer approached us for support developing an interactive app to be used on mobile devices by key account managers in order to help communicate to their clients the opportunities and value of upgrading to the latest technology of their device.

Driven by the need to tailor the key value messages to the end user, Costello Medical produced a survey for key account managers in order to best understand the burden faced by users of the existing technology and identify the key value of the latest technology. Using the BaseCase platform, Costello Medical developed an interactive tool that highlighted the qualitative key value messages in an engaging and interactive manner; aligned to other value communications across the organisation. Alongside this, the tool’s underlying economic model generated key quantitative outcomes that were tailored to each user’s specific input data; maximising the delivery of personalised value communication to each individual user.

To assist the key account managers, we developed a comprehensive user guide to the app, in addition to a troubleshooting document, and an analysis of results across a variety of scenarios. This allowed the account managers to fully understand the nature of the tool and its potential outcomes under a variety of different inputs, allowing them to perform at their best in the field. Costello Medical recognises the need to leave a lasting impression with end users, and so developed a personalised report that the tool could generate once the model had been completed, and that was emailed directly to the user. Overall, the interactive tool and associated materials were positively received across the organisation.