Delivering medical innovation in a value-based world has been saved
Delivering medical innovation in a value-based world
Health care thought leaders share fresh insights
The US health care system’s transition to value-based care (VBC) holds important implications for medical innovation. New value-based payment models shift financial risk from health plans to providers and other stakeholders, changing how they assess and adopt innovation. Performance measures and financial incentives in these payment models may encourage the use of therapies or technologies that save money in the short term or improve care as defined by a fairly narrow set of quality measures, potentially limiting patient access to innovation.
The Deloitte Center for Health Solutions and the Network for Excellence in Health Innovation (NEHI) convened 21 leaders across the health care system including life sciences companies, health plans, providers, academics, non-profits, and patient groups in fall 2015 to discuss how VBC influences innovation, how current VBC models could evolve to encourage innovation, and the strategic considerations for biopharma and medical technology (medtech) companies. Meeting participants* pointed out that ongoing cross-stakeholder dialogue is critical to ensure that valuable medical innovations continue to reach patients as VBC models take root and evolve.
Meeting participants identified four solutions that could promote the goal of innovation under VBC:
- Adoption of a broader set of quality measures
- Improved data availability, transparency, and integration
- Redefinition and identification of unmet and under-met needs
- Shared financial risk between life sciences companies and their product purchasers