A cost model for medical devices development: An experts' perspective

Abstract

Costs are a very influential aspect of a new project when it comes to efficient and effective decision-making. The identification of the costs incurred in every step of a project can provide an effective prediction tool to economically justify decisions. The development of new medical devices involves highly regulated and costly procedures before the product is launched to the market. With a cost model for new and upcoming projects, decision makers can clearly foresee the economic consequences or outcomes of a process or decision. There are many ways of creating a cost model, but the verification shows how accurate it is, compared with what practitioners face. Standardizing the verification process for cost models will simplify future work of researchers and practitioners. A case study is made with a cost model for the development of medical devices. The proposed method is a survey directed to practitioners or experts in medical devices. The results of the survey serve as additional information and recommendations on the verification methods of a cost model for the development of medical devices, thus simplifying the future work of researchers and practitioners.