Hill Briefing Showcases True Value of Innovation
The Healthcare Leadership Council hosted a briefing on Capitol Hill in which panelists presented case studies that highlighted how medical innovation can save money and bring greater value to healthcare. New technology can often be perceived as a cost driver, however the examples shown in the briefing demonstrated how leaders in the healthcare industry are curbing expenditures while improving outcomes. Every sector in healthcare is developing new solutions that break from the status quo and, in so doing, shatter conventional wisdom about innovation and cost.
Paul Darling, Principal at ZS Associates, gave an overview of the VIable Solutions Compendium. He stated that for each stakeholder in the healthcare supply chain, the word “value” holds a different meaning. Darling then gave some examples of the 51 initiatives led by HLC members that are fostering patient-centered innovation and transforming care delivery.
Dr. Mohit Mathur, Director of 4Kscore Strategy at BioReference Laboratories, talked about the 4Kscore test for prostate cancer that is a cheaper alternative to biopsies and provides more specific data. This test lowers the amount of unnecessary biopsies, and gives patients their risk score so that they can make shared decisions with their physician, resulting in cost savings and improved outcomes.
Joseph McClellan, Vice President of Biosimilars Development for Pfizer, discussed biosimilar research and development. Biosimilars have proven to increase access to care due to a reduction in cost, and are successfully treating many life-threatening and chronic diseases. These products, derived from genetically engineered living cells, exemplify how innovation brings value to healthcare.