The innovators at Aker Health Tech have developed an automated, self-propelled robotic colonoscopy device, capable of performing a complete colonoscopy for the lower gastrointestinal tract. This innovation is projected to significantly reduce the duration of the colonoscopy procedure and the required staffing resources. The team needed to understand the value of the device and determine the optimal pricing strategy for their product.
The HTE team constructed a decision analytical model, positioning the innovative device as a substitute for currently used colonoscopes. The model evaluated the budgetary impact of the innovation and provided a detailed breakdown of key cost components, including hardware, infrastructure, sedation, staffing requirements, and adverse event management costs. Additionally, HTE conducted an economically justifiable price analysis.
The model established the economically justifiable price of the innovation and highlighted that the largest cost-savings could be achieved in staffing and sedation costs. However, the total budgetary impact remained uncertain, pending the team’s decision on the pricing of the technology. The fully interactive model allowed the innovator to explore different scenarios in terms of pricing and relative risk reduction.
“The work by HTE was valuable giving us a deep understanding of the budgetary impact and cost consequences of the innovation. The economically Justifiable price analysis was excellent and enabled us to better position our product in the market and strengthen the value proposition to key stakeholders.” – Aya Medhat, co-founder of Aker Health Tech