Economics of modeling and simulation: Reflections and implications for healthcare

Arguably, it is widely known that there is much activity in modeling & simulation (M&S) in healthcare, particularly in decision support and analysis for care delivery systems (CDS). This is supported by recent literature surveys. However, there is limited evidence of reported cost, success and impact. To attempt to investigate the so-called `economics´ of M&S in this area, this paper aims to depict a general picture of the economics of M&S supported by available evidence and to develop an initial set of guidelines using a novel framework that may assist decision makers in assessing the usefulness and cost-effectiveness of M&S. Our paper concludes with an urgent call for research in this area, specifically in terms of using standardized qualitative and quantitative methods to gather evidence for analysis and dissemination materials that `speak´ to government-level policy makers.