31st October 2023
Value-Based Supply: a critical requirement for Value-Based Heath Care
At the Value-Based Health and Care (VBHC) Academy at Swansea University we believe that for a Health System to be value-based, all the different parts of the ecosystem need to be aligned, including procurement. Up to now the main focus has been on what health procurement professionals should do to operate Value-Based Procurement, but far less attention has been paid to what suppliers need to do (Value-Based Supply). The VBHC Academy was commissioned by Swedish MedTech company Molnlycke to explore different aspects of Value-Based Supply in a series of short white papers, which are now available to read.
Value-Based Health Care represents a paradigm shift in healthcare. It is policy in Wales and is now gaining momentum worldwide. The approach is seen as vital if health systems are to create better patient and population health outcomes in an increasingly resource limited environment. MedTech companies that embrace this changed relationship will be able to achieve shared value for themselves and payers; and at the same time, play their part in improving the outcomes that matter most to patients. This requires changes by payers and procurement specialists, but it also means significant change for suppliers if they are to be successful.
Our first white paper: Value-Based Supply: Re-imagining Value from Within, explores the essential internal requirements for MedTech companies to be successful when working with Value-Based health systems and procurement.
The second paper, with guest author Professor Nicholas Rich: Value-Based Supply: Dynamic competencies and the power of digital transformation, explores how MedTech companies can be a catalyst for Value-Based Health Care (VBHC) systems through the use of digital technologies.
The third paper: Value-Based Supply: How to improve health system sustainability considers the existential challenge for health care systems: sustainability and explore its relationship to Value-Based Supply. Sustainability is a critical issue but also an opportunity for the MedTech sector to lead the way.
Keep an eye on publication for our final white paper in the series in 2024.
Professor Hamish Laing, Director of the VBHC Academy said, “MedTech companies who understand Value-Based Health Care and what they must do to bring this into their business will be at a real advantage in an increasingly challenging environment. These white papers and our executive education programmes will help companies in Wales to be ready as health systems across the World adopt VBHC to meet the needs of their citizens”.
James McHale, Global Value-based Partnerships Manager at Molynycke Health Care said, “Molnlycke have appreciated partnering with the VBHC Academy for the Value-based Supply (VBS) white paper series. VBS takes the value-based lens and puts an internal focus demonstrating how MedTech organisations should strategically organise and position themselves in order to drive maximum value for healthcare systems. Our 3rd paper outlines the importance and challenging topic of Sustainability. The environmental mindset is central to this discussion however focusing purely on this is too narrow and does not take into account the wider needs in a sustainable health system. MedTech must act now, see this as an opportunity and elevate the topic to a strategic enabler. There are many activities needed and we prioritise those we feel should be taken”.