Health economic models demand high accuracy, reliability, and consistency. The completed models need to be validated both hypothetically and practically. Model checking is a proven method for verifying and assuring the all-over quality of developed models.
A leading pharmaceutical company approached us to check the quality of an economic model developed to assess both cost-effectiveness and budget impact. The company withed to test functionality, consistency, meaningfulness, reliability, and robustness of results. Our specialized Quality Control team at CHEORS employed various model-checking techniques including developing testing models, conducting multiple-levels of inspections, and examining the concept behind implementation of each option. Our team also cross-checked the accuracy and reliability of each result generated by the model through multiple verification methods–for example, checking results of half-cycle correction through three different methods.