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.

The paper was written by the “Creating Value in European Healthcare” working group, composed of Rifat Atun (Professor of global health systems at Harvard University), Dr. Christina Åkerman (former President of the International Consortium for Health Outcomes Measurement, ICHOM), Lieven Annemans (Professor of Health Economics at Ghent University and former President of the International Society for Pharmacoeconomics and Outcomes Research, ISPOR) & Mr. Hans Martens (Chair of the Coalition for Health, Ethics and Society, CHES, and former CEO of the European Policy Centre, EPC).

With this reflection paper, the authors aim at contributing to consensus building on defining “value” for European health systems, fostering value-driven thinking to guide healthcare investment decisions across Europe.

The working group welcomes any considerations and participation to enhance dialogue on the paradigm shift towards value creation in European health systems.

Contact the authors via: [email protected]