The Development of a Model Validation Tool to Assist in the Conduct of Economic Evaluations

Abstract

Model validation is critical to ensure that the results from an economic model address the needs of the decision-maker, measure what it intends to measure, and are valid. There is a need for a comprehensive and accessible tool to support both the conceptual and technical validation of models. Tools to assist in this important aspect are currently lacking. Through a targeted literature search, and in consultation with other health economists, CADTH developed a tool that will assist researchers and decision-makers to ensure economic models are fit for purpose and function properly. This model validation tool was considered robust and practical to implement through internal testing and in consultation with health economists external to CADTH. This tool summarizes the approach taken by CADTH in model validation. Although this is not a requirement for submissions to CADTH, the tool will help ensure a more consistent and reproducible approach to model validation for economic evaluations of all health technologies.