A Pragmatic Solution to the Economic Evaluation of Medical Devices From an Industry Perspective

Abstract

Through the use of a multiattribute model, this article addresses the investment appraisal of innovative medical devices from an industry perspective. The model proposed aims to reduce the effect of team conflict, groupthink, project champion bias, leadership influences, and authoritarianism. The approach suggested should lead to more innovative and economically viable medical devices being made available to the healthcare community. The study aims to improve the decision-making process with respect to the development of medical devices. In particular, it focuses on small/medium enterprises, as they are an important source of innovation for the future. Our article provides a link between the engineering economics, engineering management, and project management literature, in which the proposed multiattribute and team approach to project selection not only addresses the economic aspect but also provides a firm foundation for ongoing project management through the identification, at the outset, of project specific risks and strategic alliances. The model should help project and engineering managers, as a part of the selection team, to make optimal project selections and improve project commitment among the various management team players.