Innovation can implement value based healthcare system in India
India is still in the earliest stage of aligning its healthcare system with the component of Value based healthcare system (VBHC) by providing quality standardization, but it still lacks in providing outcome based care to patients and a reimbursement policy that focuses on payment for performance said Honkong based product manager Mr. Sunil Choudhary who is associated with Fresenius Medical Care. In an online interaction with Dr. Saurabh Kumar Banerjee, Dean & Associate Professor, School of Pharmaceutical Management, IIHMR University, on Value based Healthcare in Medical Device Industry, Mr. Sunil Choudhary discussed how medical device industries are now shifting their focus on providing value based healthcare rather than just proving medical products.
Mr. Choudhary, who is also an alumnus of IIHMR University, Jaipur from Pharmaceutical Management course, said the benefits of a Value based healthcare (VBHC) system extends to patients, providers, payers, suppliers and society as a whole. Healthcare providers should be rewarded for helping patients improve their health instead for treating patients in volume. Once, VBHC is implemented in India, Volume based treatment will automatically see a decline. When a company sells medical product, it is not at all contributing to the concept of VBHC, therefore they need to provide additional solution by innovating technological advancements in services. There is a huge opportunity in India to implement VBHC as it has a large youth population which drives adoption of new technologies and contribute in higher internet usage.
Dr. Saurabh Kumar Banerjee, Dean & Associate Professor, School of Pharmaceutical Management, IIHMR University, who is in a continues process of mentoring the students for the future, said, “ The students who are pursuing their career in this field, will bring the change in the existing healthcare system. Value based healthcare is now the most discussed topic in the medical device industry and healthcare organizations are focusing on Value based care as a power play to avoid commodity trap and Innovation in this industry, will provide a better quality of life.”