A pioneering healthcare start-up was developing a screening tool for cancerous biopsies that would detect subtle differences between healthy and diseased samples within seconds. The cofounders were in need of assistance to measure the economic viability of their patent-pending technology, and contacted First Step Consulting on the recommendation of one of our former clients in the medical industry.
This promising technology had the potential not only to save many lives but also to reduce the economic burden of cancer. Yet the founders had limited experience in health economics and were struggling to assess how much time and money healthcare workers and patients could save with their technology. We worked together to quantify the value this tool could bring to patient care.
Following an initial meeting, the founders of this medical start-up commissioned a project with us. Our team started to gather data on endoscopy procedures as well as the histopathological analyses performed following endoscopies on biopsies obtained during these procedures.
We built an understanding of the clinical pathway for oesophageal cancer diagnosis within the UK National Health Service, which included the input of medical experts contacted by our team. We then reviewed the responses and developed a model based on over 25 data parameters.
Our consultants created various scenarios to forecast potential cost saving in the next three years with the adoption of our client’s product. We calculated that it was possible to halve the number of biopsy samples requiring expensive and lengthy histopathological analysis with this technology.
We presented the findings in a comprehensive report. A spreadsheet was also produced, which was designed in such a way so as to grant the client the ability to make changes in our models based on future business developments.
The client expressed that they were delighted with the results and impressed by our team's commitment and proficiency.
We have subsequently delivered a second project to the same start-up; this time with a particular focus on bowel cancer diagnosis.
"They managed to gather a substantial amount of data and specify the potential cost saving that could be achieved in the UK healthcare system with our medical product. The team was committed and professional throughout the process and we are happy with the results. We anticipate commissioning new projects in the future."
— Cofounder, Healthcare Start-up