The healthcare system is rapidly evolving due to rising technologies under the pressure of healthcare shortages and costs. The shift to value-based healthcare (VBHC) brings exciting opportunities and significant challenges. At its core, VBHC prioritizes better patient outcomes at lower costs, making it essential for healthcare solutions to demonstrate their worth continuously. However, proving value isn’t straightforward for products with long development times and life cycles – like medical devices or new therapies.
A product might take years to develop, and clinical practices and patient expectations may have shifted by the time it reaches the market. The challenge is ensuring that long-cycle products remain adaptable to new treatment protocols and technologies. Moreover, for products with a global reach, demonstrating value across different regions becomes more complex due to variations in healthcare systems and outcome metrics throughout their life cycle.
While healthcare organizations are eager to embrace innovations, they require evidence that these products deliver on the promise of better outcomes and cost efficiency. Throughout their life cycle, in the clinical environment now – and in the future.
The strict regulations of our life sciences industry typically ensure the performance and safety of the systems we develop. Relying on best practices outlined in industry standards gives developers confidence that their product innovations will be safe and effective. However, there are no guidelines to ensure efficiency and relevance throughout the entire life cycle.
Since industry standards don’t offer guidance on future-proofing, and our product life cycle extends beyond the near future, a different approach is needed. The paradox lies in the fact that while simplicity is crucial for efficiency in large-scale development, adding foresight and future-proofing brings complexity with few measurable justifications. It’s a challenging trade-off.
Join us at the webinar ‘Therapy meets Tech: value-based Healthcare’ for more insights, or listen to the recording afterward.
