RADS is an anaesthetic delivery system that was built to limit the injection pressure, allow aspiration at any point and provide full control to the anaesthetist. Following development of the prototype, Medovate, an innovation development company, approached Health Enterprise East’s (HEE) MedTech CONSULTING team to estimate the potential health economic advantages of the initial product.
This MedTech ECONOMICS project aimed to understand the potential health economic advantages of RADS. HEE assessed the quantifiable benefits of the product with respect to the benefits from an NHS perspective.
The current clinical pathway was mapped out to allow a comparison of the direct costs in current care to be compared with the costs associated with RADS. The cost of the preparation and procedure were costed according to direct costs of operating theatre time, and the benefits gained when RADS deployed estimated. All direct costs associated with RADS and the current care were presented, to estimate the cost difference between the two pathways. Further sensitivity and scenario analysis to understand the impact on the cost difference when various assumptions changed were presented.
Medovate were presented with a detailed, succinct report describing the potential health economic advantages and the cost benefit estimations for the NHS. This enabled them to use this in their future conversations with procurement leads and to develop their business strategy.
“The health economic assessment conducted by HEE has enabled us to approach potential NHS and other healthcare customers not only with a great product which improves patient safety, but with well-structured evidence on how adopting the technology will positively impact the care pathway and costs associated with it.”