Value is an important and popular word in today’s healthcare environment. Historically emphasis has been placed on the value of medicines, focusing on efforts to bolster research and development. In today’s world, value extends to “beyond the pill” and encompasses most, if not all, of the healthcare experience. The need to prove value is being driven from all health ecosystem stakeholders, including providers, administrators, industry, and the patient.
Earlier this month, Kin + Carta attended the Future of Health Conference in New York where hundreds of experts, entrepreneurs, and investors gathered to discuss modernization of healthcare, industry trends, shifts, and disruptive technologies. 150 companies were recognized for their achievements or promise in the future of digital health. There was one theme at the center of it all — value.
Modernization of healthcare must deliver value beyond the pill
Value-Based Care
As the care model shifts to value-based care, many of the inefficiencies that are tied to the fee-for-service model will be alleviated. It will mean a shift to a more patient-centric model, that focuses on the value of the care, through a connected healthcare experience. These connections will come from alignment of people, data, and systems. Clinicians will be able to deliver better and more connected care and will leverage technology in this team-centered approach. Payers can lower their costs through improved patient outcomes. Through the use of analytics, patients can be connected with resources to better access care services and receive support with social determinants. Patients will receive more personalized care. The value in this patient-focused model will be in the delivery of care.
Pharma Supply Chain
Joshua Mark from CB insights presented on what he believed is an area that is ready for change and can provide great value or patients. In his presentation, he highlighted that the $1.2 trillion pharmaceutical supply chain is ripe for disruption as middlemen currently extract huge margins before drugs make their way to patients. We looked at how Amazon would be positioned to change this market and deliver real value to consumers, including lower costs of prescription therapies. In doing this, supply chain traffic could increase, while costs to the patients are lowered and their overall experience is improved. Since much of this process is logistics rather than health-focused, Amazon could deliver valuable convenience to consumers, while mitigating risk. By 2023, the supply chain journey must be traceable, meaning all points along a prescriptions' journey must be documented. Amazon could have a unique ability to provide this end-to-end drug tacking.
Technology in Medicine
An exciting list of technologies were discussed during the conference, including smart pills, wearables and sensors, mobile apps, and artificial intelligence. When it came to value, AI was front and center with its potential use in administrative functions, clinical workflows, reimbursement and pricing modelling, and drug discovery and development. Companies are able to use AI to create better and more effective drugs for patients, which can improve medication adherence and outcomes. AI can also provide value in making drugs more affordable, by enhancing the research and development process, increasing its efficiency and decreasing its time. Striving for more connected health experiences and personalised care, AI provides the ability to help hospitals better build and adopt patient navigation systems. These systems provide a more seamless experience for patients as they consume services, travel to and from appointments, and receive care. This brings special opportunities to those managing chronic conditions by eliminating unnecessary travel to and from clinical appointments, better assessing when screening tests are necessary, and coordination of patient care.
This theme was summarised best during one of the panel discussions where an investor presenter remarked: “It doesn’t matter how smart you are, what matters is what value you can deliver”. Value will help define success. This is particularly true when we assess who we are as solution providers, are we bringing value to our customers? When we do, we can increase efficiencies, mitigate risk, lower costs, increase outcomes, and provide an opportunity for more connected healthcare experiences.
At Kin + Carta, our digital health team blends deep market insights with technical expertise to deliver transformative, data-driven customer experiences — fast.
We believe deeply that the customer must be at the heart of any initiative. We uncover genuine areas of unmet need for patients and HCPs and are trusted by global health and pharma businesses to meet those needs with a lean, organic Connective of 1,500 strategists, tech natives and creatives across four continents.