Biomedical innovations can offer a variety of exciting benefits for patients, doctors and the overall healthcare team. Novel technologies can include diagnostic tools, devices for improved surgery, or cutting-edge therapies targeting specific diseases with explicit health benefits. While we often think about the value of these technologies directly related to improving patient health and consider that as the primary drivers for adoption, it can be just as important, or more important, to define the cost savings or value resulting from implementation compared to other competing technologies in the marketplace.

Will your innovation add value? Will it save costs? Who will it save costs for… Insurers? Doctors? Patients?

Join us to learn about the basics of health economics and how to consider these factors when making relevant business decisions for your biomedical product or service development. This will add clarity to your value proposition, a clearer definition of the problem and solution your business is addressing and may even be the critical factor in choosing which customer segments and markets you target.
 

Questions? Contact Terri Butler, TLButler@uw.edu, at the WE-REACH Biomedical Entrepreneurship Center.

Instructor: Scott Spencer, PhD Candidate in Public Health Genetics and Health Economics at the University of Washington. Scott is an expert in value assessment in precision medicine and health economic valuation and has worked with venture capital and insurance companies in this capacity. He completed an MPA at The Evans School of Public Policy and Governance along with an MA in Bioethics at the Department of Bioethics at the University of Washington. HIs formal training is in policy, quantitative, behavioral and economic analysis as well as training in ethical theory, empirical research methods, clinical ethics and research ethics.