The recent market intelligence study by Infiniti Research on analyzing health economics data from existing data sets examines information from country-specific clinical, operational, and financial data to help companies in the medical devices sector maximize ROI.
Health economics – applications and effectiveness
With the increasing demand for affordable healthcare services and growing requirements for innovative medical devices, it becomes pertinent to employ a team of researchers to analyze data sets that affect the healthcare industry. Leading pharmaceutical manufacturers and healthcare professionals are relying heavily on health economics data analysis to explore future growth opportunities and maximize ROIs. Limited resources and increasing investment for better healthcare services are encouraging healthcare industries to adopt this analytics solution. The market intelligence team at Infiniti Research helps companies understand that the scarcity of healthcare resources, therapeutic, diagnostic, and preventive procedures should not be evaluated only on their efficacy but also on their cost-effectiveness – the ratio between the resources used and the related effects.
Health economics helps medical device manufacturers to introduce cost-effective tools for lower-income countries. Relevant data models are prepared using economic analytical tools that help vendors introduce new support vaccines in these areas. Some of the vaccinations include pneumococcal, rotavirus, and human papillomavirus vaccines. These cost-effective tools will help the government make policies that will improve the healthcare sector in these countries and help offer affordable services to everyone.
Developing effective health economics database
Developing an effective health economics database with country-specific clinical, operational, and financial data sets will help companies explore and identify future growth opportunities. The database will help manufacturers analyze information gathered to create new ROI calculations and business cases for their product offerings. Data collected through these tools offer information on COF Business Cases, ROI Calculators, and COF Wiki KPIs, which will help the companies validate the market size and current competitive scenario.
Most of the medical device companies, when they try to showcase the importance of a new product, should utilize health economics and increase the capacity of their products in two primary areas: medical reimbursement and market access. Since different customer needs a different kind of approach, it is important to understand the needs of the customer base. Market access helps companies package data in the right process and deliver it to the target customer at a short time-to-market period.
Solutions and recommendations
The market intelligence team at Infiniti Research offers various solutions for the decision-making process and develop actionable insights that helped the client increase their ROI. Some of the solutions offered include:
- Offer information collected from various sources and calculate KPIs from ROI calculators across regions like the US, China, Brazil, and Japan
- Analysis of the COF wiki KPI’s to understand the clinical statistics pertaining to the incidence and prevalence rates of diseases like breast cancer, prostate cancer, structural heart diseases, stroke, and traumatic brain injury
- Provide strategic insights into the dynamic demand-supply analysis specific to the market
- Develop an extensive proprietary database consisting of information on more than two million industry experts, doctors, physicians, key opinion leaders, medical technicians, payers, end-users, and patients
- Design a new analytical model that offers a new way of problem-solving and helps the company generate revenues
Read our comprehensive case study that offers a market intelligence study on health economics data from existing data sets