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Health economic modeling for medical technologies in Europe

Early and comprehensive decision-analytic models to determine economic value proposition and inform healthcare decision-makers

Health economics is an essential part of the value proposition for any medical technology, demonstrating whether technology is cost saving or cost effective for the healthcare system. 

At the start of every technology’s life cycle, it is necessary to understand its economic value proposition, as this can drive the decision-making about its design or mode of use, necessary clinical studies and positioning towards the hospital and higher-level payers, as well as help to determine the appropriate pricing strategy.

Later, health economic data becomes an important part of the reimbursement process. Health economic data (from cost-effectiveness analysis and sometimes budget impact analysis) can be necessary for reimbursement processes in Belgium, England, France, Netherlands, Norway, and Switzerland. Health economic data is also important for negotiations with stakeholders in Germany and Italy.

Types of economic models

Depending on your needs, MTRC can provide support with different types of models.

Early health economic models

  • These models are developed when limited clinical data (e.g., one to two case series studies) is available

  • The modelling approach is sound, but the selection of model inputs is less rigorous

  • These models are used to inform internal pricing decision, determine economic value proposition for technology (saving cost/cost-effective/not cost-effective), and initial engagement with payers and clinical stakeholders

  • The deliverables include a scientific internal report, a model in MS Excel, and a user guide

  • Early models are less expensive than comprehensive models

  • Early models usually cannot be published in peer-reviewed journals

Comprehensive health economic models

  • Regular models are developed when a key piece of evidence (e.g., landmark RCT) is available

  • The model is developed according to all international professional standards

  • Regular models can be published in peer-reviewed journals and presented at conferences

  • Deliverables include a scientific internal report, a model in MS Excel, a user guide and a manuscript for submission to a peer-reviewed journal

How does it work?

The key steps in the health economic project are outlined below. During each stage of the project, we validate our approach and data selection with you.


Understanding the scope of work: the purpose (understand the value proposition, publication, use in reimbursement submissions), target audience, a country in scope, the perspective of the analysis (hospital vs health care system), type of analysis (cost-effectiveness vs cost vs budget impact)

Conceptualizing the model

Developing the conceptual overview of the model: type of the model (Markov model vs decision tree), health states and conditions, principles of progression of patient or disease

Data collection

Collection of the data to inform the model: clinical data (transition probabilities, effectiveness, safety), resource use and cost data, quality of life (utility) data

Development of the model

Building the model in MS Excel, quality checks and external validation to determine the performance of the model

Writing the report

Development of the report or publication using ISPOR Good Practice Guidelines

Technological coverage of our services

We provide services for major types of medical technologies:

Implantable devices
Interventional procedures
Non-interventional procedures
In-Vitro diagnostics (IVD) tests
Medical aids

Our team has worked on hundreds of reimbursement/HEOR projects within different clinical and technological areas, including heart valve replacement, minimally invasive and open heart surgery, coronary, cerebral and peripheral stenting, coronary diagnostic and imaging techniques (fractional flow reserve, intravascular ultrasound), coronary, cerebral and peripheral vascular thrombectomy, implantable and extracorporeal ventricular assist devices, clinic- and home-based dialysis, extracorporeal membrane oxygenation, apheresis, obesity surgery, hernia and reconstruction surgery, tissue products and skin reconstruction surgery, negative wound pressure therapy and medical bandages, neurostimulators for different indications, cell therapy, rehabilitation devices, devices for minimally invasive and open spine surgery, embolization procedures, glucose monitoring, use of fusidial markers, radiotherapy, and endoscopy, amongst others.

Why partner with MTRC?

Be confident in the results

We are accredited by the United Kingdom Accreditation Service (UKAS) as an ISO 9001:2015 certified vendor, specialised in medical technologies market access. Unlike many of our competitors, we dedicate 100% of our time and focus to the area of medical technologies, so that our clients enjoy higher quality services at a lower cost

Avoid the hassle of working with multiple vendors

We specialize in Pan-European projects and worked in 34 countries in Europe. You can save time, effort and money by working with a single experienced vendor vs contracting several consultants individually

Spend less on consulting

We understand the budgetary challenges of the med tech industry and can therefore offer a cost-effective approach to our specialised services. Thirteen percent (13%) of our current business comes from small to medium-sized enterprises (SMEs) – a testament to our unique and personal approach to solve your budgetary challenges

Direct access to senior leadership

Small enough to ensure significant personal attention, and large enough to address your needs, our boutique consultancy guarantees that each project enjoys the attention it deserves with direct access to our senior leaders

Make decisions and advance your business quickly

We appreciate the time-sensitive nature of market access. Being a flexible team, we are not afraid to go beyond regular working hours to meet the high expectations of our clients. For every type of project, we offer the shortest possible turnaround times

MTRC in numbers 

An extremely specialised boutique consultancy with a global impact

Full-time employees
Regular clients from the top 30 med tech companies
Of business comes from Small to Medium-sized Enterprises (SMEs)

Geography of our projects

MTRC is a provider of multi-country European projects. We have worked on the projects in 34 European countries



Our timelines support your timelines

The model is delivered timely to support your market access activities

The typical timelines in our proposal are four to five months for early and five to six months for regular health economic models. Usually, it is not possible to shorten the timelines for health economic projects, to ensure that the work is done according to industry standards. 

Get in touch

Contact us to discuss your needs and learn about our services