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INVESTMENT EVALUATION OF MEDICAL DEVICE DEVELOPMENT
Abstract
Decision-making about new products is crucial for the growth and prosperity of any company, especially in the rapidly changing medical device market. In recent years the issue of evaluation of investment effectiveness into medical devices has been intensively solved both at private and national level. The most common methods can be divided into three groups: 1. strategic and financial valuation of projects (e.g., NPV, IRR, DCF), 2. weighting and scoring of products and product criteria (e.g., analytic hierarchy process (AHP) and conjoint analysis), 3. human decision-making (fuzzy logic, actuarial models, neural networks, technology road mapping and expert systems). The aim of the paper is to propose the most appropriate method in European market with respect to selected criteria such as: Use of the medical device is prospective in relation to the expected number of patients and type of illness; development and production of a certain type of medical device in relation to a concrete group of diseases generate profit; the medical device will save the costs of treatment or formal (informal) care; the new medical device is of higher benefit to the patient than currently used technologies.
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