In the first part of this blog series, we explored what early economic models are, the pivotal role they play in health technology assessment, and why they are essential for evidence-based decision-making in healthcare. In this second part, we will delve deeper into the unique characteristics of early economic models and how they differ from advanced-stage models built later in the product development cycle. Following this, we will explore a Symmetron success story involving an early model.

How do early economic models differ from advanced-stage models?

Advanced-stage economic models are typically built with robust, and where possible, published data. Early economic models are built to account for the lack of evidence and general ambiguity (such as treatment effect, treatment duration, patient response etc.), surrounding the treatment:

A Symmetron case study: Early economic modelling for AI-powered disease severity diagnostic tool

Symmetron's expertise extends to the development of early economic models, specialising in development of these models for early insights to explore value propositions, prioritisation of data collection and inform Phase III trial design. 

When conceptualising an economic model, there are typically two distinct approaches to model development. The approaches are:

Case Study

One notable case of an intentionally abstracted approach to creating an early economic model involved: 

In summary, early economic models serve as valuable tools for decision-makers, offering the key to navigating uncertainty and making well-informed choices. Symmetron's dedication to customised, data-driven, and transparent solutions ensures that these models generate results that showcase the cost and efficacy drivers of treatments and technologies, enabling timely and impactful future research. Generating this research supports enhanced patient outcomes and optimised resource allocation, making a resounding impact in health economics and outcomes research.

If you’re interested in learning more about how early economic modelling can support your treatment development strategy, we invite you to get in touch with us to discuss your specific needs.