Health Economic Models are commonly used by pharmaceutical companies to support pricing and reimbursement. Our multidisciplinary teams at CHEORS are skilled in developing user-friendly, interactive models with sound methodology. Additionally, CHEORS’ extensive pharma-industry experience enables us to function as a true HEOR strategic partner to our clients to develop economic models.
CHEORS handled an economic model development project for a top international pharmaceutical company to evaluate the cost-effectiveness and cost-utility of its higher-end product compared to alternative therapies. Our team developed a Markov model wit h partitioned survival analysis from both the payer’s and a societal perspective. The model was backed by efficacy data obtained from the clinical trial and cost data and survival modeling with multiple extrapolations formed the integral part of the model. The team evaluated and populated the model with the clinical trial data while incorporating life tables and sensitivity analysis. Also, the model was taken through various rounds of in-house quality check and validation procedures to ensure the efficiency and meaningfulness of the results.
Additionally, the model was unique as it was supported by VBA in MS Excel. Substantial use of VBA macros and functions helped simplify the model making it user friendly. Further, to increase the efficiency, the model was built by using “R Programming.” Every number and concept in the model was supported by discussion with in-house industry experts and explained at client meetings. A client-centered report was prepared to assist in better understanding the model and its inputs including the statistical analysis. The model helped our client to launch the product and communicate the value of therapy, as well as develop multiple publications. The team also conducted model-based economic evaluations and developed cost-effectiveness reports for country-specific reimbursement dossiers.