PAI and BresMed Join Forces to Support Expanded Use of More Advanced Economic Modelling Software, heRo3

2019 AUG 05 (NewsRx) -- By a News Reporter-Staff News Editor at Insurance Daily News -- Policy Analysis Inc. (PAI) and BresMed, two leading health-economics and outcomes research consultancies, are pleased to announce that they are joining forces to assist biopharma companies and other life sciences organizations in expanding their use of the new cloud-based modelling platform, heRo3. heRo3 lets users build cost-effectiveness models in substantially less time than required when using spreadsheet software.

More than a dozen companies are now using heRo3 to speed their development of health-economics models and to reduce the cost of building them. This follows a late 2018 decision by the Institute for Clinical and Economic Review (ICER), the independent watchdog on drug pricing in the United States (US), to expand its use of heRo3, following several months of pilot testing. ICER has stated that it plans to use heRo3 to meet its own internal modelling needs, and to validate models developed by its external partners. ICER also said that its decision was based in part on its finding that heRo3 allowed it to build health-economics models in substantially less time than required with Microsoft Excel. The organization also made heRo3 a key component of its pilot transparency initiative.

heRo3 was the product of an 18-month joint development initiative between PAI, a 45-year-old Boston-based health-economics consultancy, and Merck, Novartis, and Amgen, which provided initial funding to PAI to jump start the development of the new modelling application. Launched in mid-2018, heRo3 combines the presentation capabilities of modern web technologies with the analytical power of an open-source modelling package in R, which runs in a secure virtual private cloud. By automating many tasks that typically must be programmed from scratch in Excel, heRo3 substantially reduces the amount of time that it takes to program and check health-economics models. The use of validated open-source code to perform calculations also reduces errors in models.

“We have long seen a growing need, reinforced by regulatory and HTA changes, to reduce the amount of time needed to build health-economic models, which can take days, weeks, or even longer in Excel,” said Dawn Lee, Chief Scientific Officer at BresMed. “PAI gave us an opportunity to evaluate heRo3, and it became apparent to us that it could be a viable alternative to Excel in many settings, particularly early modelling and the construction of more standardized model builds, where spreadsheet models are proving to be costly, difficult to quality control, and lengthy to develop. More advanced solutions, such as heRo3, clearly address an important need, and we believe that opportunities for an application like this are substantial. We are excited to be part of this important effort.”

“The decision to approach BresMed about becoming a heRo3 strategic partner made a lot of sense to us,” said Gerry Oster, Ph.D., Managing Partner of PAI and lead health economist on the heRo3 development team. “BresMed’s recognized leadership in the area of health-economics modelling, its staff of highly experienced HEOR professionals, its strong presence in the UK and the rest of Europe and links to ICER in the US made it an ideal partner for heRo3. With the number of life sciences companies using heRo3 growing steadily, the demand for HEOR consultants who can support clients in expanding their use of the application is booming, and we welcome BresMed as a strategic partner.” About heRo3? heRo3 is a new Web-based platform that allows health-economics models to be built, run, and if needed, shared securely with others, as private “live” Web apps. All calculations in heRo3 are performed using an open-source modelling package in R that runs in a virtual private cloud. By bringing modern Web technology to health economics modelling, and by automating many tasks and calculations that often must be programmed from scratch in Excel, heRo3 substantially reduces the amount of time that it takes to develop models while also improving their quality and transparency. Health-economics models are often used by manufacturers to provide formal evidence to decision makers about the value of new prescription drugs, medical tests, and other interventions; they also are used by insurers and healthcare authorities in their deliberations about whether to cover new drugs, and how much to pay manufacturers for them. In late 2018, ICER--the US’s independent watchdog on drug pricing revealed that it planned to expand its use of heRo3 in its evidence reviews of new products, following several months of testing. About BresMed BresMed is an independent health economic and outcomes research consultancy that provides health economic solutions to the global pharmaceutical industry. Established in 2006, BresMed has more than 150 staff across offices in the UK, Ireland, the Netherlands, USA and India who work to support our clients with drug, device and diagnostic products to reach markets at the best possible price. BresMed’s services span the full product development pipeline, allowing it to support its clients from initial portfolio planning, strategy development, and health technology assessment through to post-launch value demonstration in multiple jurisdictions. About Policy Analysis Inc. Policy Analysis Inc. (PAI) is a 45-year-old, independent, health-economics consultancy, located in Brookline, MA, that is an industry leader in the fields of pharmacoeconomics, outcomes research, quality-of-life assessment, pharmacoepidemiology, and health technology assessment.

Related Links: http://www.heroapps.io http://www.bresmed.com http://www.pai2.com View source version on businesswire.com: https://www.businesswire.com/news/home/20190722005338/en/

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