Sample interview questions: How do you assess the economic impact of new medical technologies or pharmaceuticals?
Sample answer:
1. Understand the Technology or Pharmaceutical:
- Gather comprehensive information about the new medical technology or pharmaceutical, including its mechanism of action, target population, potential benefits, and any associated risks.
2. Conduct a Systematic Review of the Literature:
- Review existing studies, clinical trials, and reports to assess the effectiveness and safety of the new technology or pharmaceutical.
- Evaluate the quality of the evidence and identify any gaps in knowledge.
3. Develop a Decision-Analytic Model:
- Construct a decision-analytic model to simulate the potential impact of the new technology or pharmaceutical on patient outcomes, healthcare costs, and quality of life.
- Include relevant parameters such as disease prevalence, treatment costs, and effectiveness estimates.
4. Estimate Costs and Benefits:
- Calculate the direct and indirect costs associated with the new technology or pharmaceutical, including acquisition costs, administration costs, and potential cost savings.
- Quantify the potential benefits in terms of improved patient outcomes, reduced healthcare utilization, and increased productivity.
5. Conduct Sensitivity Analyses:
- Perform sensitivity analyses to assess the impact of uncertainty in the input parameters on the overall results.
- Examine how changes in assumptions, such as treatment costs or effectiveness estimates, affect the e… Read full answer