Aker Health Tech Ltd has developed a novel automated, self-propelled robotic colonoscopy device: SmartScope. SmartScope intends to be used as a diagnostic technology substituting currently used colonoscopes in the diagnosis of colorectal cancer.
Aker Health approached the Health Tech Enterprise team for both Market Insight and a Health Economic Evaluation of the innovation to better understand its value and inform pricing as well as competitive positioning of the product in the market.
The Technology
Aker Health was founded to solve one of NHS’s biggest challenges – the NHS and endoscopy units have been struggling to meet the increasing demand for colonoscopies, resorting to expensive recourse such as waiting list initiatives.
Endoscopists need over 300 procedures to perform independently (the longest learning curve for surgical skills). A single colonoscopy is resource intensive, requires an average 45 minutes to complete and 4 to 5 staff per session.
Aker Health’s patented innovation focuses on building the next-generation colonoscopy device that tackles all these issues by integrating robotics and intelligent automation (IA). SmartScope is mechanically propelled from outside the body, not pushed manually.
Aker Health Tech faced a critical challenge in determining the optimal pricing for their groundbreaking robotic colonoscopy device. While the device’s potential to transform colonoscopy procedures was clear, the innovators needed to better understand its economic value to determine the right price point and the broader financial impact on healthcare systems. This required a comprehensive analysis of costs and value drivers, including hardware, infrastructure, sedation, staffing, and adverse event management.
Tailored Approach
To address this challenge, we developed a customized decision-analytical model, treating the robotic colonoscopy device as a substitute for traditional colonoscopes. Our model allowed Aker Health Tech to evaluate the budgetary impact by providing a detailed breakdown of all key cost components. We also conducted a rigorous price analysis, ensuring that the device’s price was justifiable and aligned with its cost-saving benefits. The interactive nature of the model allowed Aker to explore various pricing scenarios and assess the impact of risk reduction on potential cost savings.
Outcomes
Aker Health Tech’s innovative robotic colonoscopy device, designed to automate and self-propel the colonoscopy process, promises to reduce procedure duration and staffing needs significantly. By leveraging our health economics expertise, we provided Aker with a clear, data-driven pricing strategy that reflected the true value of the device. Our decision analytical model showed that the device could generate substantial cost savings, particularly in staffing and sedation, making it an economically viable alternative to traditional colonoscopes. The pricing strategy derived from our model positioned Aker Health Tech’s product competitively in the market while emphasizing its efficiency benefits.
“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
