@Mirko von Hein: Thank you so much for this video. It was a great demonstration of the Markov model. I am a modeling naive HEOR professional and had a few questions. Do we still use Excel for the Markov model, or is there other software available? What happens if the drug is a rare disease drug and you do not have a lot of patient data available? Do you only use iterations using VBA, or is there a different way to get data? I know one limitation of the Markov model is that it's more accurate for chronic diseases. Could you maybe talk about it more? Also, can you demonstrate a decision tree model in Excel? Thanks a ton for sharing such useful content , I wish I could get to do modeling.
Thanks for your comment & all the important questions you raise! Let me try to answer these one by one. - Modelling Software: Yes, Excel is still the the most widely used tool by far to create cost-effectiveness models. Other solutions exist (R, TreeAge, Python), but they're not as popular. - Rare Disease Modelling: We have to make due with what we got! No model is ever perfect, and if the data is "BAD" in the first place, this is never a good place to start your modelling from. However, given the rare nature of some diseases, we simply won't get large datasets of thousands of patients, so we have to use what we got. - VBA: Visual Basic for Applications is Microsoft's programming language that's built into the MS Office Suite of products. For CEMs, we use it to do deterministic and probabilistic sensitivity analysis, and maybe add some user-friendliness features. - Decision Tree Model: Yes, that's on my list! :)
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Great work Mirko! Thank you for sharing knowledge.
My pleasure! :)
Really well explained. Thanks for making this video!
Glad it was helpful!
@Mirko von Hein: Thank you so much for this video. It was a great demonstration of the Markov model. I am a modeling naive HEOR professional and had a few questions. Do we still use Excel for the Markov model, or is there other software available? What happens if the drug is a rare disease drug and you do not have a lot of patient data available? Do you only use iterations using VBA, or is there a different way to get data? I know one limitation of the Markov model is that it's more accurate for chronic diseases. Could you maybe talk about it more? Also, can you demonstrate a decision tree model in Excel? Thanks a ton for sharing such useful content , I wish I could get to do modeling.
Thanks for your comment & all the important questions you raise!
Let me try to answer these one by one.
- Modelling Software: Yes, Excel is still the the most widely used tool by far to create cost-effectiveness models. Other solutions exist (R, TreeAge, Python), but they're not as popular.
- Rare Disease Modelling: We have to make due with what we got! No model is ever perfect, and if the data is "BAD" in the first place, this is never a good place to start your modelling from. However, given the rare nature of some diseases, we simply won't get large datasets of thousands of patients, so we have to use what we got.
- VBA: Visual Basic for Applications is Microsoft's programming language that's built into the MS Office Suite of products. For CEMs, we use it to do deterministic and probabilistic sensitivity analysis, and maybe add some user-friendliness features.
- Decision Tree Model: Yes, that's on my list! :)