An ambitious healthcare start-up was developing an instant diagnostic tool for cancer and pre-cancer. The tool enabled rapid point-of-case screening of cancerous biopsies and revealed subtle differences between healthy and diseased samples within seconds. The co-founders were in need of professional assistance to estimate the potential impact of their patent-pending technology on the UK healthcare system and were recommended to contact First Step Consulting by one of our former clients.
This promising technology had the potential not only to save the lives of hundreds of patients but also to mitigate costs and reduce waiting time. Yet the founders had faced difficulty in precisely assessing how much money and time could be saved with their product. The founders of this company, who were researchers with limited experience in health economics, therefore engaged our assistance in quantifying the financial and time-saving benefits of their technology.
Following a kick-off meeting, a consultancy project was commissioned and our team immediately started to collate secondary data on endoscopy procedures and histopathological analysis of biopsies obtained during endoscopies. We built an understanding of the clinical pathway for oesophageal cancer diagnosis within the UK National Health Service and supplemented this data with primary research, utilising the support of several medical experts in this process. We thoroughly analysed the primary and secondary data, developing a model based on over twenty five data parameters.
We created various scenario models to forecast the potential cost saving that could be achieved with the introduction of our client’s product in the next three years. We calculated that the number of samples requiring further analysis by lengthy and expensive histology could be halved with the implementation of this technology. Upon the conclusion of our project we presented back the findings to our client in a meticulously detailed report accompanied by a dynamic spreadsheet, which contained in-built capabilities allowing for the client to update it and apply future business developments to the models.
The client reported back to us they were happy with the results and that they were impressed by our team's commitment and professionalism throughout the process. Since the completion of this project, we have subsequently completed a second project with a particular focus on bowel cancer this time.
"Their team managed to gather a substantial amount of primary and secondary data and specify the potential cost saving that could be achieved in the UK healthcare system with the introduction of our medical product. Overall we believe that the team was committed and professional throughout the process and are happy with the results. We anticipate commissioning new projects with First Step Consulting in the future."
— Cofounder, Healthcare Start-up