Value based healthcare is an approach to planning, delivering and procuring health and care interventions that is gaining popularity internationally as an effective way of improving patient experiences, health outcomes and effective use of finite resources. Value based healthcare is underpinned by a Welsh Government three-year action plan which recognises that radical steps must be taken to redesign care around the changing health and care needs of our population, whilst using the limited resources that are available.
In order to achieve improved value, health and care systems are seeking to improve their understanding of patient outcomes, reduce unwarranted variation and low value offerings, and gain a greater awareness of cost across a system of care. Value based healthcare in practice, is not the responsibility of any individual stakeholder but that of all stakeholders involved in the delivery of health and care. Therefore, a multidisciplinary approach that involves health, industry, academia and procurement services must develop for a successful value based healthcare system to be realised.
The life sciences sector has a key role to play in shaping the value based healthcare approaches that equally meet the needs of industry and health and care services, by working collaboratively to understand population needs and help drive outcomes that are meaningful to patients.
Life Sciences Hub Wales is perfectly placed to co-develop and support systematic approaches which foster a value based life sciences eco-system that reinforces models of care which meet the evolving needs of our population, at pace.
Life Sciences Hub Wales is keen to hear from industry partners with an interest in value based healthcare. We want to develop a greater understanding of how we can support the life sciences sector to adapt and contribute to achieving value based health outcomes for the population of Wales.
To find out more about value based healthcare and the NHS in Wales, visit the NHS Wales Value in Health national programme website.