Effective analysis of health economics data to help companies in the medical devices sector explore future growth opportunities and maximize ROIs.
What is the exact value of a human life? This is one of the most fraught questions in public policy as governments across the globe struggle with rising healthcare costs from aging populations. The answer matters not only to patients, taxpayers, and insurers but also to the pharmaceutical manufacturers seeking rewards for the medical advances that have helped double life expectancy globally in the past century. In view of this conundrum, healthcare companies across the globe have started focusing more on health economics data analysis to explore future growth opportunities and maximize ROIs.
Health economics is the connection between health and the resources needed to promote or safeguard it. By resources, we just don’t mean money, but also people, materials and time, which could have been used in other ways. Though our healthcare needs as a population are unlimited, it must be noted that the resources required to satisfy them are not. As a result, healthcare choices have to be made about which needs are the most important and how to manage healthcare requirements with the limited resources.
At Infiniti, our “Healthcare Economics” team understands that the recent scarcity of healthcare resources, therapeutic, diagnostic, and preventive procedures must no longer be analyzed purely in terms of their efficacy but also regarding their cost-effectiveness – the ratio between the resources used and the related effects. This is done with the help of effective health economics data evaluation studies. If health economics data evaluations are to serve as a direct aid in decision-making, prerequisites like the implementation of an effective methodology and transparency will become extremely necessary in the near future.
The Business Challenge
With an eye on exploring future growth opportunities, a leading global company in human diagnostic imaging and laboratory diagnostics approached Infiniti to develop an effective health economics database with country-specific clinical, operational, and financial data sets. The development of such a database would help the client leverage the information gathered to create new ROI calculations and business cases for their product offerings.
The primary objective of this engagement was to offer the client country-specific clinical, operational, and financial data on COF Business Cases, ROI Calculators, and COF Wiki KPI’s. Infiniti’s health economics data evaluation team tracked recent developments and innovations in the market through secondary journals and reached out to relevant stakeholders, including industry experts, KOLs, product users, and procurement experts to understand their views on the market. Our health economics team also spoke to prominent stakeholders responsible for the sales and distribution of these products to understand how the market would grow in short and long term and also to validate the market size and opportunity model developed for this segment.
Why Infiniti Research is the preferred partner for more than 55 Fortune 500 Companies
Solution Offered and Business Impact
By evaluating country-specific clinical, operational, and financial data on COF business cases, ROI calculators, and COF wiki KPI’s, Infiniti’s health economics data evaluation team helped the client leverage the information gathered to create new ROI calculations and business cases for their products. The market intelligence study also focused on calculating KPIs from ROI calculators across regions like the US, China, Brazil, and Japan. Additionally, an 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, traumatic brain injury, etc. was also carried out to help the client gain strategic insights into the dynamic demand-supply analysis specific to the market.
In just eight weeks, the client – a leading global company in human diagnostic imaging and laboratory diagnostics – was able to leverage the information gathered for COF business cases, ROI calculators, and COF wiki KPI’s to understand the acceptance of their products across the US, China, Brazil, and Japan.
To assess challenges specific to healthcare data economics, Infiniti’s healthcare research team have developed 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.
What do the clients appreciate about our approach?
In a relatively short period of time, just eight weeks, the client saw clear benefits from our relationship. The benefit was not only in terms of revenue impact or analytics turnaround time but also in terms of the experience we were staging for them by exposing them to a new way of problem-solving.
Here are some of the key points appreciated by our clients:
- Dedicated Market Intelligence Portal. A centralized platform for the collection, storing, processing, reporting, and dissemination of information with the specific purpose of assisting the decision-making process and developing actionable insights. This portal includes comprehensive information on quantitative and qualitative aspects on target markets, competitors and end-users.
- Collaborative learning. We leveraged experience of our healthcare team and our technical capabilities to enable report-sharing and other collaborative features appreciated by client teams.
- Database Access. Access to a patient database containing information about 60+ medical diseases and conditions, such as patient undergoing treatment, untreated patients, and patients with chronic conditions.
- Interactive Dashboard. Using our Portal based solution for healthcare professionals, we took a design-first approach to problem solving and helped break through previously held assertions.
- Value for Money. Infiniti’s dedicated client management team customizes reports to suit business requirements and offers the best insights for every dollar spent.
A must-read case study for strategy experts and decision makers looking for insights on health economics data analytics.
To read more about health economics and its importance to medical device manufacturers, click here.