Incorporating Value in Investment Decisions in Health across Europe
Over the last decades, the ‘delivery of innovations’ has been remarkable, thanks to breakthroughs in science and the digital revolution. Medical devices, medicines and health technologies are enabling more precise prevention, diagnosis, treatment and monitoring of illnesses. At the same time, despite the immense sustainability challenges that many health system face in Europe, ‘innovation in delivery’ of healthcare services has been all but stagnant, hindering much-needed improvements in effectiveness, efficiency, equity and responsiveness of healthcare. Against this backdrop, this paper explores the concept of “value” and “value-based healthcare” in relation to investment decisions in health systems in Europe. It discusses how value-based approaches can guide economically sound investments to improve health systems by reducing waste and achieving better outcomes. The authors particularly call for a transition to new investment models that foster creation of value, harnessing ‘delivery of innovations’ with ‘innovation in delivery’ to meet current and future challenges in a sustainable way.
Posted on 04.06.2019