Out of the Lab - Into the Market: Modeling Physician Decision-Making Behavior
Using Discrete Choice
Bill Brastow, PhD
Principal and CTO Rosa Market Modeling, Rosa & Co
Tuesday February 16, 2021, 12:00 to 1:00 pm EDT
Register for this free webinar at https://www.rosaandco.com/webinars
Abstract:
Modeling drugs and diseases is undoubtedly an important step in product
development, but it is only a part of the equation. Even if a product, or a
diagnostic, makes it to market, will it be prescribed by physicians?
Traditional market research can generate some answers, but like many other
aspects in product development, when this is combined with modeling, it becomes
more powerful.
In this webinar, we will talk about the problem of "Discrete Choice" and the
kinds of commercialization decisions that mathematical models of discrete
choice can support
We will show how, given a finite collection of competing drugs or diagnostic
products, we assign each of a group of decision-makers a probability of
choosing each product. These probabilities are a function of these products'
characteristics and physicians' attitudes toward these characteristics.
We will describe the mathematical underpinnings that define these models, the
methods used to estimate model parameters, and how choice probabilities can be
derived from them.
We will also address the real-world practice of model construction and show
where in the process of moving a drug or diagnostic from the lab into the
marketplace, the discrete choice problem fits.