OBJECTIVES: To provide an open-access model and illustrate how this can be used as a first step in the early economic evaluation of emerging neuropathic pain products, enabling the understanding of important parameters in the assessment of therapies. METHODS: We closely replicated a model structure created by NICE to inform guideline development in neuropathic pain. The structure was replicated as R code for ease of exposition. Costs were updated to reflect 2014 prices. The exploratory analysis considered a hypothetical drug ‘Product X’ versus pregabalin, a product used widely in neuropathic pain.  The analysis explored the percentage premium over the price of pregabalin that would result in an ICER at the NICE threshold of £20,000 when varying efficacy parameters. RESULTS: A 30% improvement over pregabalin in the proportion of patients achieving a 30-49% reduction in pain could justify a price premium of 39%, whilst a 30% improvement in the proportion of patients achieving ≥50% improvement could justify a premium of 170%. If ‘Product X’ provides no analgesic improvement but causes 30% fewer adverse events and related withdrawals, a premium of 27% could be justified.    CONCLUSIONS: The analyses presented highlight how this transparent model can be used as a tool for identifying parameters of importance in the early economic evaluation in neuropathic pain. The R code underpinning these analyses is made readily available and we welcome the ISPOR community to use, adapt and provide comments on how to refine and improve this model for future use.