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By 2040, the world will spend around $25 trillion every year on healthcare. This represents a massive 150% increase since 2014 and will affect every region of the world.
For societies to thrive, we need a concerted global effort to create a more sustainable and equal healthcare industry by transitioning to value-based health systems.
That is the mission of the Global Coalition for Value in Healthcare – launched in 2019 by the World Economic Forum’s Platform for Shaping the Future of Health and Healthcare.
The healthcare sector faces major challenges in delivering value for healthcare. According to the OECD, spending on healthcare in 2016 – the most recent year for which data is available – increased by 3.4%, the highest rate since 2009.
In response, leaders in the $8 trillion global healthcare sector need to embrace value-based healthcare, an approach that defines the goal of healthcare as the achievement of improved health outcomes that matter to patients at the same or lower cost.
There is a need for a global and trusted pre-competitive space where leading healthcare providers, payers, insurers, pharmaceutical companies, medtech, digital health, dynamic start-ups, regulators and governments can align on a new definition of value in healthcare.
The goal of a value-based healthcare system is to continuously improve the ratio of outcomes to costs by providing increasingly targeted, segment-specific clinical interventions.
The Global Coalition for Value in Healthcare is a public-private effort providing a platform where stakeholders and medical practitioners can learn from one another, develop shared visions and goals, and exchange best practices.
The coalition provides technical assistance and facilitates local partnerships, developing global enablers of value-based healthcare, documenting and disseminating best practices, and building a global community of practice.
The coalition also launched a flagship project to enhance clarity on overlaps and gaps in informatics standards and approaches in their uptake to provide direction for future initiatives. The Global Roadmap aims to provide a vision for person-centred principles for a health informatics architecture to increase value in healthcare.
Lucubrate Magazine February 2020
The article is from the article “Our coalition is making healthcare more valuable for all”, World Economic Forum
The picture on the top of the article: Chinnapong (Adobe Stock)