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Redirecting Innovation in U.S. Health Care: Options to Decrease Spending and Increase Value
Rand Health Quarterly
|January 14, 2017
Summary
Policy changes can align new medical technology development with healthcare spending goals. This research suggests ten options to reduce costs while maintaining health benefits, focusing on innovation and market incentives.
Area of Science:
- Health economics
- Health policy
- Medical technology assessment
Background:
- New medical technologies significantly drive U.S. healthcare spending.
- Current systems may incentivize technologies that increase costs without proportional health benefits.
- Factors include scientific knowledge gaps, regulatory hurdles, and market dynamics.
Purpose of the Study:
- Identify policy options to align medical technology creation with healthcare spending goals.
- Achieve dual objectives: reduce spending with minimal health loss and ensure value for increased spending.
Main Methods:
- Synthesized information from peer-reviewed literature and expert interviews.
- Convened a panel of technical advisors.
- Conducted case studies of eight medical products.
Main Results:
- Identified features of the U.S. healthcare environment that increase spending without major health benefits.
- Proposed ten policy options to improve technology development and spending alignment.
- Options focus on reducing invention/approval costs and enhancing market rewards for cost-saving products.
Conclusions:
- Policy interventions can steer medical technology innovation towards cost-effectiveness.
- Recommendations include creative science funding, patent buyouts, expedited reviews, and reforms in Medicare payment/coverage.
- Coordinating regulatory and coverage processes is crucial for value-driven technology adoption.
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