By 2040, the world will spend around $25 trillion every year on healthcare. This represents a massive 150% increase since 2014 and will affect every region of the world.
For societies to thrive, we need a concerted global effort to create a more sustainable and equal healthcare industry by transitioning to value-based health systems.
That is the mission of the Global Coalition for Value in Healthcare – launched in 2019 by the World Economic Forum’s Platform for Shaping the Future of Health and Healthcare.
The goal of a value-based healthcare system is to continuously improve the ratio of outcomes to costs by providing increasingly targeted, segment-specific clinical interventions.
The World Economic Forum’s initiative on value in healthcare has highlighted the urgent need for multistakeholder cooperation to transform health systems. These initiatives are key to secure the long-term sustainability of health systems around the world and better health outcomes for patients.
The healthcare sector faces major challenges in delivering value for healthcare. According to the OECD, spending on healthcare in 2016 – the most recent year for which data is available – increased by 3.4%, the highest rate since 2009.
In response, leaders in the $8 trillion global healthcare sector need to embrace value-based healthcare, an approach that defines the goal of healthcare as the achievement of improved health outcomes that matter to patients at the same or lower cost.
There is a need for a global and trusted pre-competitive space where leading healthcare providers, payers, insurers, pharmaceutical companies, medtech, digital health, dynamic start-ups, regulators and governments can align on a new definition of value in healthcare.
The Global Coalition for Value in Healthcare is a public-private effort providing a platform where stakeholders and medical practitioners can learn from one another, develop shared visions and goals, and exchange best practices.
The coalition provides technical assistance and facilitates local partnerships, developing global enablers of value-based healthcare, documenting and disseminating best practices, and building a global community of practice.
For example, the coalition partnered with multisector coalitions in the city of Atlanta, USA, to pilot new approaches for improving healthcare value. These initiatives are taking steps to change the local health system so they deliver better value for patients with specific diseases, such as congestive heart failure.
The coalition also launched a flagship project to enhance clarity on overlaps and gaps in informatics standards and approaches in their uptake to provide direction for future initiatives. The Global Roadmap aims to provide a vision for person-centred principles for a health informatics architecture to increase value in healthcare.
Coalition members and partners
Administration for Community Living (ACL), Alliant Health Solutions, American Heart Association, Arterys, Atlanta Regional Collaborative for Health Improvement, Atlanta Regional Commission (ARC), BCG Digital Ventures, Boston Consulting Group, Centene Corporation, Centers for Disease Control and Prevention (CDC), Centers for Medicare & Medicaid Services, City of Atlanta, Cystic Fibrosis Foundation (CFF), DeKalb County Commissioners, Dignity Health, Duke Health, Dutch Institute for Clinical Auditing, Edelman, Emory Healthcare, European Health Parliament, Fulton County Commissioners, General Electric Company, Generation Health, Georgia Department of Public Health, Georgia Health Insurance, Medicare, & Group Health Plans (BCBSGA), Georgia Institute of Technology, Georgia Tech Research Institute, GlaxoSmithKline (GSK), Google Ventures, Grady Health System, Harvard Business School, HealthTap, Hikma Pharmaceuticals, Holmusk, Home Instead, Influence at Work, Intermountain Healthcare, International Consortium for Health Outcomes Measurement, John Theurer Cancer Center, Hackensack University Medical Center, Johns Hopkins University, Kaiser Permanente, LW Ventures, Mayo Clinic, Memorial Sloan Kettering Cancer Center, Morehouse Healthcare, Morehouse School of Medicine Cardiovascular Research Institute, MUrgency, Neusoft Corporation, NewYork-Presbyterian, NHS England, Novartis, Novo Nordisk, Omada Health, Organisation for Economic Co-operation and Development (OECD), Partners Healthcare System, Proteus Digital Health, QIAGEN, Quest Diagnostics, Robert Wood Johnson Foundation (RWJF), Royal DSM, Royal Philips, Sanofi, SAP, SensoMotoric Instruments, Sun Pharmaceutical Industries, Takeda Pharmaceutical Company, Teva Pharmaceutical Industries, The Southeast Permanente Medical Group, Tradeshift, United Healthcare, University of Chicago, VPS Healthcare, WellStar Health System, Welltower and Zebra Medical Vision
The industry is all too aware how fragmented and siloed it is. Takeda is very proud to continue leading in the space as part of the Global Coalition for Value in Healthcare, with particular focus on the value-based payments work of the coalition.
The Global Coalition for Value in Healthcare is part of the Forum’s Platform for Shaping the Future of Health and Healthcare.
The Platform curates international organizations, academic institutions, pharmaceutical and biomedical companies, healthcare NGOs, hospitals, healthcare providers, infrastructure and insurance organizations to shape the global health agenda. Organizations partnering with the Forum, whether governments, cities, civil society or private-sector participants, are invited to join the coalition – to drive the overall effort as members of the Executive Board, exchange knowledge and promote their own initiatives as official affiliated hubs of the coalition, or learn best practices as digital members.