For healthcare innovators, securing NHS adoption and attracting investment for your AI or health tech innovation depends on clearly demonstrating its value. Health economic (HE) evidence is crucial, but the HE landscape can be complex.
In this blog, we explore three common pitfalls that innovators face and provide guidance on how to effectively navigate them.
Health economic pitfalls that slow innovation
❌Overlooking data readiness
Health economic evaluations hinge on the quality of the data. Insufficient or inconsistent clinical and economic data can significantly weaken your case.
✔️The solution: Take a proactive approach to data! Before diving into an evaluation, rigorously assess the availability, quality, and completeness of your data. Early planning ensures your data is ready to support a compelling value case and avoids costly rework later on.
❌Choosing an inexperienced health economics partner
Not all health economics providers have the right expertise for AI and digital health. Some lack specific knowledge of the NHS landscape, while others may not offer commercially-relevant recommendations.
✔️The solution: Choose wisely! Look for a partner with demonstrated experience in AI/digital health, a deep understanding of the NHS, and a track record of delivering practical, commercially valuable insights. This ensures your evaluation aligns with real-world needs and strengthens your path to adoption.
❌Misjudging the investment in time and resources
Many innovators mistakenly believe that health economics evaluations are quick and inexpensive. However, the reality is that these evaluations require significant time and resources.
✔️The solution: Prioritise health economics early and treat it as a strategic investment. Allocate a realistic budget and timeline from the outset. This approach ensures that your evaluation provides the robust, credible evidence that decision-makers value, ultimately saving you time and avoiding potential rework later on.
Set Your Health Economics Strategy Up for Success
By recognising and proactively addressing these common pitfalls, you’ll be better equipped to secure investment, navigate regulatory hurdles, and achieve NHS adoption more efficiently!
Want to find out more about avoiding these pitfalls?
Our free guide gives you the key insights you need before engaging a health economics partner – so you can move forward with confidence.
What You’ll Learn:
✔️ The essential health economics considerations for AI and health tech innovators
✔️ How to choose the right health economics evaluation approach for your stage of development
✔️ Common mistakes when commissioning health economics support—and how to avoid them
✔️ What to look for in a health economics partner and how different providers compare
✔️ How Health Innovation Oxford and Thames Valley can support your journey
Health Innovation Oxford and Thames Valley uses the information you provide to us to contact you about our relevant content, news, resources and services. You may unsubscribe from these communications at any time.
About the author
