Development or Adaptation of Economic Models

Over the last decade, the development of Health Economic Models to show positive economic outcomes has become a crucial component to the overall evaluation of a new drug or treatment.

Health Economic (HE) Models involve the application of mathematical techniques and the synthesis of available clinical trial data in order to predict what happens in the ‘real world’. In addition, HE Models are an important source of information for HTA decision makers at NICE, SMC, AWMSG and NCPE.

Tolley Health Economics Ltd specialises in providing economic modelling services to the Pharmaceutical industry in three main areas:


Development of an Economic Model for HTA Purposes and/or Publication


Adaptation of Existing Economic Models to make them fit for Purpose for your HTA Submissions to NICE, SMC, AWMSG, and NCPE.


Critique of Existing Economic Models for HTA Submissions.

Development of a Cost-Effectiveness Economic Model

For HTA purposes, economic evaluation will usually be conducted in the form of a cost-effectiveness analysis (CEA), with the health effects measured in an appropriate non-monetary outcome indicator.

CEA with the units of effectiveness expressed in QALYs (Quality Adjusted Life Years), referred to as a cost utility analysis (CUA) is widely recognised as a useful approach for measuring and comparing the efficiency of different health interventions, and is the approach used by the NICE technology appraisal programme.

Tolley Health Economics can put together a skilled team to develop Health Economic Cost-Effectiveness Models using a network of experts. We can design and develop a wide range of models that are transparent and user-friendly using Excel. As the parameter values and assumptions of any economic model are subject to change and error, we can also carry out Sensitivity Analysis to investigate these potential changes and errors, and their impacts on conclusions to be drawn from the model.


If you would like to receive more information on how we can help you with the development or adaptation of your health economic model, please