Live Educational Webinar

How NOT to develop a health economic model

By Dr Shehzad Ali and Tushar Srivastava

Concluded on 21 July 2022

Continents

Countries

Registrations

A health economic model is a critical piece of evidence considered by health technology assessment (HTA) agencies globally to inform reimbursement decisions. These models use explicit decision frameworks and robust evidence on multiple parameters to identify the most cost-effective strategy to provide value for money for public investment.

The process of developing health economic models can be complex, and require model developers to make a number of decisions regarding model structure, comparators, model parameters, statistical approaches and modelling assumptions. These choices occur at every stage of the model development process. Failure to account for important complexities of the decision problem correctly may result in the development of models which can be contextually naïve, error-prone or non-useful for decision making.

More often than not, HTA agencies identify challenges in the economic models submitted for reimbursement. These challenges may be methodological or structural; as a result, models may not appropriately reflect the disease process, current scientific evidence and/or the population or the decision-making context. These modelling issues have the potential to alter the final reimbursement recommendations.

We reviewed > 50 pharmacoeconomic reports published by CADTH and NICE based on their critical review of economic models submitted for drug reimbursement in Canada and the UK. We identified, classified and critically appraised the key methodological challenges identified in the economic models submitted by manufacturers. We particularly focused on modeling choices considered questionable by the review committees and were subsequently evaluated in their reanalysis to re-estimate cost-effectiveness estimates.

In this webinar, we discuss common problems with models submitted to HTA agencies, their impact on cost-effectiveness estimates, and practical strategies to avoid or overcome these challenges. In short, we discuss how not to model. We also discuss the role and steps in model validation process for early identification of issues with economic models.

You will benefit most from this webinar if you are one of the following:

 

  1. Developing or reviewing health economic models
  2. Supervising a team who deals with health economics or health economic modeling
  3. Interested in understanding the key areas considered by HTA agencies in their review process
  4. Member of or involved with stakeholders in the HTA review process (such as submitting manufacturers, review groups, review committee)

Dr Shehzad Ali

MBBS, MPH, MSc (MStats), PhD
Canada Research Chair, Public Health Economics

Department of Epidemiology and Biostatistics
Schulich School of Medicine & Dentistry, Western University

Visiting Associate Professor, Macquarie University, Australia

Know him more

Dr Ali has over 15 years of professional experience as an academic researcher and consultant in the public and private sectors in both developed and developing countries. Dr. Ali is the Canada Research Chair in Public Health Economics, Department of Epidemiology and Biostatistics, and cross-appointed with the Western Centre for Public Health and Family Medicine, Western University. He is Visiting Associate Professor of Health Economics at University of York (UK).

His expertise include HTA, decision modelling  Estimating the treatment effect of interventions using real world evidence; Monitoring and benchmarking health service performance in terms of efficiency and equity of access, utilisation and outcomes using large patient-level administrative data, explaining heterogeneity in health outcomes and predicting events using individual patient-level data and Eliciting value judgments and treatment preferences to inform resource allocation decisions.

Tushar Srivastava

MSc (Statistics and Computing)
Director – Modeling and Analytics, ConnectHEOR, UK
Fellow, Royal Statistical Society, UK
Honorary Research Fellow, ScHARR, University of Sheffield, UK

Know him more

Endorsed as a ‘Global Talent’ by prestigious ‘The Royal Society, UK’, Tushar is dynamic and  enjoys approaching complex problems with a holistic approach. He also holds an MSc. in Statistics and has authored a handbook on higher Mathematics, “A concise handbook of vector space theory and field theory, Srivastava T.”

Tushar’s technical expertise lies in different techniques including cost-effectiveness modelling, budget impact modelling, simulation modelling, statistical modelling and indirect comparisons analysis. He brings a unique blend of academic research, technical modelling and statistical skills and industry professionalism to support the life science industry at every stage of the product life cycle. He has a good experience in statistical analyses, including survival analysis and health related quality of life data analysis from clinical trials.

Tushar has worked in multiple  disease areas including oncology, CVD, infectious diseases, rare-diseases such as Fabry disease, ulcerative colitis, Crohn’s disease, and multiple sclerosis. He has extensive experience of product launch in countries in Europe, the United States, Latin America, and Australia. He also holds an Academic Researcher position in ScHARR, University of Sheffield, UK.

Besides work, Tushar enjoys playing badminton, jogging, and meditating.

Resource Access form



    For enquiries or support mail to Kunal Hriday at [email protected]

    Specialty
    Model Conceptualization and Data Analytics

    Role
    Senior Consultant

    Degree
    PhD – Health Economics

    Thai-Son Tong

    PhD. Health Economics

    Thaison Tong has extensive work experience in health economics, decision modelling and big data analysis. He has a unique mix of experience in HEOR and RWE related research in academia and pharmaceutical industry. His expertise lies in health technology assessments (HTA), health economic modelling, simulation modelling, big data analytics and decision analysis. He has hands-on experience in a range of software and programming languages including R, R Shiny, R Markdown, Python, MS Excel, VBA, and Simul8. He has substantial experience of the health care system in the UK and other European countries. 

    Thaison has direct experience in building cost-effectiveness models from scratch and conducting big data analysis in several disease areas including dementia, vascular disease, and cancer. 

    Thaison’s PhD focus was to develop a de novo patient level model for the evaluation of different cognitive screening tests for early detection of dementia and mild cognitive impairment in primary care. He also looked at different methods for conducting economic evaluation in health care taking a broader/societal perspective. In addition, he investigated the use of Multiple Criteria Decision Analysis (MCDA) for economic evaluation.

    Thaison also holds Academic Researcher position in School of Health and Related Research (ScHARR), University of Sheffield, UK and Honorary Researcher position in University of Bristol, UK.

    Thaison’s likes to meditate, and play badminton, basketball and tennis.

    Specialty
    Consulting and strategy

    Role
    Vice President

    Degree
    MSc. International Economics

    Shilpi Swami

    MSc. International Economics

    Shilpi Swami is a seasoned Health Economics and Outcomes Research (HEOR) expert with experience spanning across multiple healthcare systems and therapy areas. At her current role of Vice President, HTA and Strategy, ConnectHEOR, she provides technical and strategic leadership. Additionally, Shilpi serves as the Member Engagement Co-Chair at ISPOR Oncology Special Interest Group.

    Shilpi has a comprehensive track record of leading HTA submissions and devising market access strategies on a global scale, including the EU-5, Canada, US, Latin America, Australia, and Asia. Shilpi has worked across various sectors within health economics, including academia, consulting, and biopharma. This multidimensional experience equips her with a unique ability to offer strategic insights from various stakeholders’ perspectives.

    Formerly a Research Fellow at the University of York, Shilpi has made significant contributions to public health projects and the development of best practices in the academic side of health economics. In her professional endeavours, she remains dedicated to improving healthcare through data-driven insights and evidence-based research.

    Specialty
    Health Technology Assessment

    Role
    Scientific HTA Advisor

    Degree
    Ph.D, MBA, Stockholm School of Economics

    Prof. Egon Jonsson

    PhD Economics

    Professor Jonsson has more than 25 years of experience as a leader and researcher at national and international organizations on Health Technology Assessment (HTA) including Health Economics. He is very knowledgeable of the regulatory requirements of pharmaceuticals, medical devices and other health technologies and services, in many of the European countries, Canada, and US, as well as of several Asian countries. He has performed many syntheses of scientific findings through systematic reviews, cost-effectiveness, cost-benefit, and budget impact analyses, modelling studies, meta-analyses, RWE and HEOR studies. He is known for his ability to engage with decision makers in agencies and at the ministerial levels, and with clinicians in primary health services and hospital care as well as with patient organizations and the general public. He is good at presenting scientific findings along with their economic, medical, social and quality of life implications in such a way that it supports the uptake of effective technologies and services provided by the life sciences industry.  He has a huge international network of researchers, HTA experts, clinicians and decision makers in Governments, Academia and Industry.

    Professor Jonsson received his Ph.D. and MBA from the Stockholm School of Economics in Sweden and further training at Harvard School of Public Health in the U.S. He was one of the founders of HTAi, its Society, and scientific Journal of which he was a long time Co-Editor -The International Journal of Technology Assessment in Health Care. He successfully has taken on several major roles as manager and leader of organizations in evidence-based health care; such as being the CEO of the Swedish Agency for Health Technology Assessment (SBU.se), the Leader of the WHO Health Evidence Network (WHO. Int.Hen), and as the CEO of the Institute of Health Economics in Edmonton, Canada (IHE.ca). He has done several hundreds of HTAs. His publications include more than 90 peer reviewed manuscripts, and as Editor of about 20 books on a variety of diseases and disorders. He has served as a long-time advisor to Ministers and Ministries of Health in Sweden, Vietnam and of the Government of Alberta.

    Professor Jonsson has been a consultant in HTA in many countries of Europe, Asia and the former Republics of the Soviet Union, on behalf of the European Commission, WHO, the World Bank, and the Swedish Medical University Karolinska Institute.

    Besides, Professor Jonsson has award on his name – ‘The Egon Jonsson Award’. This award was established in 2010, and is given annually by HTAi to the authors of an outstanding paper in the society’s official journal published over the past year.

    Specialty
    Big Data Analytics

    Role
    Senior Consultant

    Degree
    MSc. Quantitative Economics

    Kunal Hriday

    MSc. Quantitative Economics

    Kunal Hriday is a business strategy and data science professional with experience in helping organizations crack through notorious business challenges. Kunal is proficient in business analytics, data analytics, database management and business development. Working as a Data analytics consultant he has spent time in problem solving across variety of industries including Banking, logistics and Health and is now fully dedicated to HEOR related analytics. Kunal has hands on experience in various statistical programming tools and languages like R, Python, SAS, Excel VBA, Data Robot and data visualization tools like Power BI, Tableau and SAS VA.

    Kunal also holds a Masters in Quantitative Economics from Indian Statistical Institute and a bachelors degree in Business Economics. Excellent in business communication, he is passionate about studying economics and welfare optimization theories.

    Specialty
    Review and Scientific Communication

    Role
    Principal Consultant

    Degree
    PhD (Pharmacy)

    Raju Gautam

    PhD. Pharmacy

    Raju Gautam has extensive work experience in evidence review and synthesis, value communications, scientific publications, medical writing and project management.
    His expertise lies in systematic and targeted literature reviews, meta-analyses, network meta-analyses, value communications (AMCP and Global Value Dossiers), RWE study design and publications (manuscripts, posters, and abstracts).
    He has experience working in Global pharma companies, consulting and CRO environment for several therapy areas including Cardiovascular, Oncology, Neurology, Respiratory, Ophthalmic, Rare Diseases, and Vaccines. He has more than 40 publications in international journals as an author.
    Raju also likes jogging, yoga and meditation.

    Specialty
    Scientific Writing, Literature Reviews, Evidence Synthesis, Meta-analysis, Real World Evidence

    Role
    Senior Consultant (Director) – (Review and Patient-Centric Research)

    Degree
    MBBS (Bachelor of Medicine and Bachelor of Surgery), PhD (Global Public Health) – University of York

    Radha Sharma

    MBBS, PhD (Global Public Health)

    Radha Sharma is an evidence synthesis scientist with a background in medicine, public health and epidemiology. Her expertise includes global health research, epidemiological analysis of big data sets, RWE study design, literature reviews, meta-analysis, scientific writing, and qualitative health research.

    With a unique combination of clinical and academic skills, Radha facilitates Health Technology Assessment (HTA) reimbursement submissions and value dossiers by conducting systematic reviews, writing and reviewing clinical sections, and effectively communicating scientific findings.

    Her experience in conducting statistical and econometrics analyses, along with her in-depth knowledge of global health research and qualitative health research, ensures that the results of her systematic reviews and meta-analyses are robust and accurate.
    Radha is an avid hiker and enjoys exploring the beautiful Canadian Rockies.

    She also often spends her time painting on large canvases with acrylics.

    Specialty
    Statistical Analysis and Evidence Synthesis

    Role
    Director of Statistics

    Degree
    Ph.D Probability and Statistics

    Kate Ren

    PhD Probability and Statistics

    Dr. Ren is our senior statistical expert and spearheads department of Statistics at ConnectHEOR. She has more than 10 years of experience in conducting statistical analysis in HTA. Kate is also a Senior Research Fellow at School of Health and Related Research (ScHARR), University of Sheffield. Kate has PhD in Probability and Statistics specialising in Bayesian methods in clinical trial design. She specializes in Bayesian methods in health economics and the elicitation of experts’ beliefs and has extensive experience of conducting evidence synthesis, including, meta-analysis, network meta-analysis, MAIC, etc.

    Kate has extensive experience for critiquing network meta-analysis methods in single technology appraisals (STAs) and undertaking network meta-analyses for multi technology appraisals (MTAs) for NICE.

    Specialty
    Decision Modelling and AI Initiatives

    Role
    Director and Principal Consultant

    Degree
    MSc – Statistics and Computing

    Tushar Srivastava

    MSc – Statistics and Computing

    Endorsed as a ‘Global Talent’ by prestigious ‘The Royal Society, UK’, Tushar is dynamic and  enjoys approaching complex problems with a holistic approach. He also holds an MSc. in Statistics and has authored a handbook on higher Mathematics, “A concise handbook of vector space theory and field theory, Srivastava T.”

    Tushar’s technical expertise lies in different techniques including cost-effectiveness modelling, budget impact modelling, simulation modelling, statistical modelling and indirect comparisons analysis. He brings a unique blend of academic research, technical modelling and statistical skills and industry professionalism to support the life science industry at every stage of the product life cycle. He has a good experience in statistical analyses, including survival analysis and health related quality of life data analysis from clinical trials.

    Tushar has worked in multiple  disease areas including oncology, CVD, infectious diseases, rare-diseases such as Fabry disease, ulcerative colitis, Crohn’s disease, and multiple sclerosis. He has extensive experience of product launch in countries in Europe, the United States, Latin America, and Australia. He also holds an Academic Researcher position in ScHARR, University of Sheffield, UK.

    Besides work, Tushar enjoys playing badminton, jogging, and meditating.