MILI3589

Course Description
Innovations in medical technologies are one of the leading areas of economic growth in the world. Whether new technologies take the form of pharmaceutical, medical device, biotechnology, information technology of some combination of these innovations, the opportunities for both private enterprise and social welfare are substantial. However, these innovations are not without cost, and require reimbursement from either a privately or publicly financed health care delivery system. Thus, the demand for the evaluation of new medical technologies continues to grow as new treatments are developed and health care costs continue to rise. This course aims to provide knowledge of the skills, data, and methodology required to critically evaluate new medical technologies from a social perspective as well as from a business perspective in order to meet financial investment and regulatory compliance objectives. The course will provide an introduction to the analytic tool kit needed to critically evaluate new medical technologies including:
1. Understanding regulatory pathways such as the FDA approval
2. Understanding the U.S. payment policy & reimbursement for medical technology
3. Assessing unmet needs and the relevant market for the technology
4. Evaluating the social and economic value to convince payers to cover and reimburse the technology
5. Recognizing provider, healthcare organization and market-level factors that influence adoption of new medical technologies.

Throughout the course, students will work on team-based hands-on exercises that will provide them gain further understanding of the impact of medical technology from the perspectives of an innovator, a regulator, a payer, a public entity, and consumers of the medical technology including physicians, hospitals, health systems and patients.