Join us as Healthy Thinking takes a look at Value-Based Health Care, an effective approach to healthcare where Wales is at the forefront in improving patient outcomes and experiences by ensuring the best use of finite resources.
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In a nutshell , Value-Based Health Care (VBHC) can be defined as involving patients and clinicians together in making shared informed decisions - and in the process doing less of the things that don’t help patients and reinvesting that money into doing more of the things that do.
In this podcast, Life Sciences Hub Wales’ Deputy Chair of the Board, Chris Martin hears from three Value Based Health Care experts.
Consultant Victoria Bates was commissioned by Swansea University to look into VBHC and interviewed leaders from life sciences, the health sector and the governments of the UK to explore what was required for effective collaboration to deliver shared value.
“Value based health care is improving the outcomes that matter to patients at the lowest possible costs. We do that by involving patients actively in the decision making process, supported by the best evidence.”
”Often when a patient is given choices, they tend to opt for the treatment that is very often the lowest cost. But it's really important that they understand each of the options and what outcome is likely to be from that decision.”
One of the largest pharmaceutical companies in the world, has chosen Wales to collaborate with. Pfizer UK has been partnering with Swansea University in various Pathfinder projects around VBHC.
Emma Clifton-Brown, Head of Health and Value at Pfizer UK said:
“There is no better place to really evolve and co-create value based solutions than in Wales. It's an incredible, really unique operation opportunity and environment for testing these approaches. There’s very supportive policy agenda...an appetite for innovation as well as of course, world leading academic expertise in value based healthcare.”
“I'm really positive about the future of value based healthcare. What was once a topic for the few at Harvard Business School, is being normalized and accepted."
“It's not the norm yet. It's not uncomfortable to be not measuring outcomes. Those clinicians and patients need to be our key focus, a key focus for support to make value based healthcare accelerate beyond the early adopters”.
How to listen to Healthy Thinking
Listen to our Welsh language sister podcast, Syniadau Iach, which hears from leading thinkers in health and care innovation in the medium of Welsh.